KUALA LUMPUR: The Domestic Trade and Cost of Living Ministry has summoned 10 companies for imposing price hikes on goods and services following the implementation of targeted diesel subsidies on Monday.
Its minister, Armizan Mohd Ali, said that notices were issued to these 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 span various sectors, including three from transportation, three from construction materials, two from food and beverage, and two from machinery rental.
"Through the initial investigation, it is revealed that four companies with approved fleet card applications have issued notices for price increases.
"The other six companies have vehicles not listed under the Subsidised Diesel Control Scheme (SKDS) 2.0," he said.
On June 8, the ministry launched Ops Kesan 2.0, to ensure compliance with regulations related to price determination and increases in the service sector under SKDS 2.0.
The operation aims to ensure that both eligible and non-eligible vehicles adhere to the Price Control and Anti-Profiteering Regulations 2011 (Mechanism to Determine Unreasonably High Profits) 2018 and avoid engaging in profiteering activities under Price Control and Anti-Profiteering Act 2011.
He emphasised that any party found manipulating prices would face severe action under current legal provisions, which the fines could be up to RM500,000 for corporations and up to RM100,000 for individuals, or imprisonment for up to three years, or both.