THE Domestic Trade and Cost of Living Ministry has warned concrete producers and towing companies against profiteering.
Deputy Domestic Trade and Cost of Living Minister Fuziah Salleh said though towing firms and concrete producers were ineligible for diesel subsidies, they should not exploit the situation and raise prices.
“They must be careful when raising their prices. If they aren’t, they might be considered to be profiteering. And the ministry will not hesitate to take action under the Price Control and Anti-Profiteering Act,” Fuziah was quoted as saying.
It was earlier reported that several companies had informed their customers of price revisions following the government’s announcement that diesel prices will be floated and retail at RM3.35 per litre starting midnight yesterday nationwide.
The previous price of diesel, announced on June 5, was RM2.15 per litre.
In a notice issued to its customers, a company supplying concrete in Temerloh, Pahang said they anticipate a rise in the prices of raw materials and transportation due to the increase in diesel prices.
The company said that due to this, all prices of its concrete will also be increased, while additional charges will be imposed for deliveries outside a 30km radius.
In another notice sighted by The Vibes, a tow truck operator said due to the increase in diesel prices, all towing charges will also be increased.
In announcing the new prices, Finance Minister II Datuk Seri Amir Hamzah said diesel prices will be based on the automatic pricing mechanism formula for May.
Amir said the government will announce the diesel market price weekly according to standard practice by the ministry.
“For now, we are only giving diesel subsidies to lorries and trucks that carry necessities,” said Fuziah, adding that the ministry is currently investigating complaints of profiteering by a concrete producer. – June 11, 2024
