Heard a SPEECH that Milei made in Davos • He has little idea of economic principles. However his "Speech" is rather "flowery" and totally illogical. SPUN well to sound "Good" to those who knows little.
KUALA LUMPUR (June 14): The Ministry of Domestic Trade and Cost of Living has summoned 10 companies for raising prices of their goods and services following the diesel subsidy rationalisation.
Notices under Section 21 of the Price Control and Anti-Profiteering Act 2011 have been sent to three from the transportation sector, three from construction, two from food and beverage, and two involved in machinery rental, the ministry said in a statement. The companies were not identified.
Each company is required to furnish detailed information, including documents related to the provision of their goods and services, for a profiteering analysis, said Minister Datuk Armizan Mohd Ali. Failure to explain the increases may result in penalties under Section 57 of the Act, he noted.
If found guilty, the companies may be fined up to RM500,000, while individuals might face a fine of up to RM100,000, imprisonment of not more than three years, or both.
Preliminary investigations showed that four of the companies announced price hikes despite receiving approval for the fleet card under the second phase of the Subsidised Diesel Control System (SKDS 2.0), the minister said. The other six involved vehicles that were not covered under the SKDS 2.0, he noted.
Under the subsidy rationalisation, diesel prices in Peninsular Malaysia have been floated since June 10, and will be adjusted weekly. The price of diesel at all retail stations was raised to RM3.35 per litre, from RM2.15 set previously.
A slew of businesses have announced price hikes for their goods and services, blaming the increases on the removal of diesel subsidies.
The Malaysia Competition Commission (MyCC) said on Monday that it is working closely with Armizan's ministry and the Ministry of Finance to ensure competitive market practices and detect market distortions, including cartel activities, following the diesel price increase due to the government’s subsidy rationalisation.
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On Sunday, Economy Minister Rafizi Ramli said the government was still refining the definition of the T15. He explained that it would not be based solely on gross household income, and the definition would take into account variables such as net household income, locality, and basic household spending for a reasonable quality of life, among others.
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Heard a SPEECH that Milei made in Davos • He has little idea of economic principles. However his "Speech" is rather "flowery" and totally illogical. SPUN well to sound "Good" to those who knows little.