Deen Express, a retailer in Singapore located at 313 @ Somerset, has been asked to explain why it was selling masks at such high prices at its store.
This was after complaints were made by the public and a letter of demand has been sent by the Price Controller.
The Ministry of Trade and Industry (MTI) said in a news release on Thursday, Jan 30 that Deen Express has been asked to explain the “basis of their selling prices for the sale of masks, including their cost price and profit margins”.
The ministry also said: “MTI will use such information to assess the need for further action under the Price Control Act.”
It also urged the public to report errant sellers to the Consumers Association of Singapore (CASE).
Deen Express had allegedly sold a box of 20 N95 masks for more than S$60.
Online resellers hit too
E-commerce platforms Lazada, Carousell and Qoo10 were also sent letters of demand to request information on potential profiteers hawking masks on their platforms.
The companies have until Monday to respond.
Failure to do so would see the company liable to a fine of up to S$10,000 for the first offence and up to S$20,000 for the second and subsequent offences.
Retailers island-wide are enjoying brisk business as masks have been flying off the shelves.
The huge demand has caused many retailers to cash in.
“Profiteering is highly irresponsible and damaging in these uncertain times,” MTI said. “We urge all retailers to practise corporate social responsibility and not take advantage of the increased demand to raise prices unreasonably,” MTI said in its release.
“We will work closely with the Consumers Association of Singapore (CASE) and the Competition and Consumer Commission of Singapore (CCCS) to monitor the situation and investigate any unfair and anti-competitive practices.”
National Development Minister Lawrence Wong announced on Jan. 30 that each Singapore household will receive four surgical face masks to ensure that families will have access to them should the need arise.