10 companies hauled up over price hikes after diesel subsidy cut

Updated 1 year ago · Published on 14 Jun 2024 1:09PM · 1 Comments

Ten companies have been summoned by the authorities to explain why they have raised the prices of their goods and services after the blanket diesel subsidy was cut. – The Malaysian Insight file pic, June 14, 2024.

TEN companies have been summoned by the authorities to explain why they have raised the prices of their goods and services after the blanket diesel subsidy was cut on June 10.

Domestic Trade and Cost of Living Minister Armizan Mohd Ali said the companies received notices under Section 21 of the Price Control and Anti-Profiteering Act 2011.

The 10 firms are dealing in transport, construction,, beverage and machinery rental.

“They will be asked to explain their price hikes on goods and services. Two of the companies were summoned on Thursday (13 June), while the others will follow according to schedule,” he said in a statement on Friday.

Investigations showed that four of the companies had approval for the fleet card but had still raised their prices.

“Six others had vehicles not registered under the subsidised diesel control scheme. Each company will be required to provide detailed information and documentation of their services and sales of goods for a profiteering analysis. Penalties will be imposed on those who fail to respond,” Armizan said.

The minister added that his ministry launched Ops Kesan 2.0 on June 8 to weed out profiteering.

“The ministry is issuing a stern warning to all parties not to take advantage by increasing the prices of goods and services Offences under Act 723 can result in a fine of up to RM500,000 for corporations and companies, and RM100,000 for individuals, as well as a prison term of up to three years or both.” – June 14, 2024.

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