MyCC working closely with ministries to detect, stop diesel cartel activities


PETALING JAYA: The Malaysia Competition Commission (MyCC) is working closely with the relevant ministries in getting access to data to detect cartel activities linked to targeted diesel subsidy information, it says.

It said in a press release on Monday (June 10) that it is working with both the Finance Ministry and Domestic Trade and Cost of Living Ministry on this.

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

It said that while it acknowledges market competition, it will continue to closely monitor for any signs of anti-competitive behavior.

"MyCC will take strict action against any company found engaging in cartel behavior or price collusion which undermines the integrity of the market and therefore derail the implementation," said MyCC

On this, MyCC chief executive officer Iskandar Ismail said that the Commission will act without fear or favour against any players at any level of the supply chain that shows signs of preventing, restricting or distorting competition in any market for goods or services.

To strengthen our readiness and efforts, significant resources have been dedicated to enforce the Competition Act 2010 against any parties who retaliate through related economic sabotage behaviours” said Iskandar Ismail, the Chief Executive Officer of MyCC.

This comes after the Sunday (June 9) announcement by Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali saying that his ministry will be enforcing the new RM3.35 per litre retail price for diesel in Peninsular Malaysia effective Monday.

In the announcement, it is also said that all regulations related to the sale of diesel are still in force and applicable

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Diesel , MyCC , Competition , Cartels , New price , Collusion

   

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