MyCC collaborates with ministries to detect diesel cartels

The Malaysia Competition Commission (MyCC) collaborated closely with the Finance Ministry and the Domestic Trade and Cost of Living Ministry to access data for detecting cartel activities associated with targeted diesel subsidy information.

“The crucial data will allow us to detect and respond to any signs of market distortion, particularly cartel activities,” said MyCC.

“MyCC will take strict action against any company found engaging in cartel behaviour or price collusion which undermines the integrity of the market and therefore derail the implementation,” said MyCC, reported The Star.

MyCC CEO Iskandar Ismail highlighted that the Commission will act impartially against any supply chain participants that exhibit behaviours hindering, limiting, or distorting competition in any market for goods or services.

Iskandar Ismail said in order to bolster Malaysia’s preparedness and initiatives, substantial resources have been allocated to enforce the Competition Act 2010 against any entities engaging in economic sabotage.

Finance Minister II Datuk Seri Amir Hamzah Azizan said yesterday that as of today, diesel prices in Peninsular Malaysia will no longer be subsidized but will fluctuate in accordance with market rates.

All retail stations across the Peninsula are now vending diesel at a steady rate of RM3.35 per litre.