If you’re unaware, retail outlets in Singapore are running out of masks. Heck, most of them have already run out of masks.
With the Wuhan Virus in full swing and ever-present on our shores, it’s understandable that people are in full-on panic mode.
There’ll no doubt be an increase in demand for surgical masks given the current situation and it’s no different in Beijing.
In fact, it could be worse because with increased demand comes a decrease in supply which can only mean one thing:
Prices are going to soar, and if the authorities don’t do anything about it, opportunistic retailers will take advantage of it and rack up the price to make a profit.
But Beijing’s authorities say don’t play play.
A Store in Beijing Jacked Up Mask Prices by 6 Times & is Fined SGD$590K
A Beijing drug store tried to jack up the price of face masks by almost six times, only to be slapped with a hefty $590,000 fine.
I had to double-check the number of zeros on that figure.
The Beijing municipal market regulator took to its website to hand out a notice of administrative penalty to Beijing Jimin Kangtai Pharmacy after it significantly increased the price of the N95 masks sold in their store.
The shop in question increased the price of the 3M brand masks to 850 yuan (~S$166.44) per box, while the price for these masks was being sold online for 143 yuan (~S$28) per box.
The Beijing municipal regulator has also been increasingly monitoring the prices of epidemic protective equipment.
At the same time, they have been dishing out punishments to those who carry out illegal activities such as hoarding or making up information regarding price hikes.
Since 23 January, they have investigated as many as 31 cases of price violation.
In Shanghai, the municipal market regulator has gone so far as to order the shut down of a drug store that sold masks that weren’t up to standard.
It’s pretty clear that they aren’t playing around.
Similarly, the Singapore government is also ensuring the retailers do not profit from the increase in demand for the masks. We’ve also uncovered a Tampines minimart has been spotted selling paper some masks for a whopping $1.60 each.
Thus far, as of time of writing, there are over 6,000 confirmed cases of the Wuhan virus all over the world, and over 130 deaths reported.
