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10 firms summoned over price hikes after targeted diesel subsidies imposed
Published on: Friday, June 14, 2024
By: FMT
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10 firms summoned over price hikes after targeted diesel subsidies imposed
Minister Armizan Mohd Ali said two companies were summoned over price hikes yesterday while eight others would be called up as well.
PETALING JAYA: The domestic trade and cost of living ministry has summoned 10 companies for imposing price hikes on goods and services offered following the implementation of targeted diesel subsidies on Monday.

Minister Armizan Mohd Ali said notices were issued to the firms under Section 21 of the Price Control and Anti-Profiteering Act 2011.

“Each company is required to provide detailed information, including documents related to the provision of their goods and services, for profiteering analysis. Failure to do so may result in penalties under Section 57 of the act,” he said in a statement.

The companies comprise three from the transportation sector, three from construction, two from food and beverage, and two involved in machinery rental.

“Two companies were summoned yesterday, with the remainder to follow,” Armizan said.

He said preliminary investigations found that four of the 10 companies had announced price hikes despite receiving approval for the fleet card under the second phase of the subsidised diesel control system (SKDS 2.0).

“The other six companies involved vehicles not included under SKDS 2.0 (for the fleet cards),” he added.

He warned parties against exploiting the situation by profiteering following the implementation of the targeted diesel subsidies.

He said companies found guilty of profiteering might be fined up to RM500,000, while individuals might face a fine of up to RM100,000, imprisonment of not more than three years, or both.

On Tuesday, deputy domestic trade and cost of living minister Fuziah Salleh warned towing firms and concrete producers who are ineligible for diesel subsidies against exploiting the situation by raising their prices exorbitantly.

The deputy minister said exceptions would be made for tow trucks or mixer trucks that use prime mover truck heads.

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