KUALA LUMPUR: The Malaysia Competition Commission (MyCC) is actively monitoring for any signs of anti-competitive behaviour following the implementation of targeted diesel subsidies in Peninsular Malaysia effective today.
Its chief executive officer Iskandar Ismail said the agency, which falls under the Domestic Trade and Cost of Living Ministry, reaffirms its commitment to ensuring competitive market practices.
"While we acknowledge the existence of competition in the relevant markets, we will continue to closely monitor for any signs of anti-competitive behaviour. 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 derails the implementation," he said in a statement today.
Iskandar added that MyCC was working closely with the ministry as well as the Finance Ministry in getting access to crucial data that will allow the agency to detect and respond to any signs of market distortion, particularly cartel activities.
"We 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 retaliates through related economic sabotage behaviour," he said.
Yesterday, Finance Minister II Datuk Seri Amir Hamzah Azizan announced diesel subsidies for certain groups in Peninsular Malaysia would be discontinued starting at midnight (June 10).
This, he said, will set the price of diesel at RM3.35 per litre according to the automated pricing mechanism, up from the current price of about RM2.15 per litre.
He stated that this follows the unsubsidised market price based on the average for May 2024, according to the automatic pricing mechanism formula.
