Hornbill Unleashed

March 29, 2017

Minister warns oil companies, station operators against illegal price hikes

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

Hamzah said companies not in compliance can be fined a maximum of RM500,000. — PictureOil companies and petrol station operators who fail to comply with the price of petrol and diesel set weekly, beginning tomorrow, are liable to face stern action under the Price Control and Anti-Profiteering Act 2011.

Minister of Domestic Trade, Cooperatives and Consumerism Datuk Seri Hamzah Zainudin said companies not in compliance can be fined a maximum of RM500,000, while for individuals, they face a maximum fine of RM100,000 or three years of jail, if convicted.

“The announcement on the price of petrol and diesel will be made on TV1 at 8pm tomorrow, and the act is there to ensure that all oil companies and petrol station operators comply accordingly.

“If they raise the prices (of petrol or diesel) to more than that set by the government, then, the government will take action,” he told reporters here today after closing a leadership seminar for cooperative affairs officers here today.

Also present were his ministry’s secretary-general Datuk Seri Jamil Salleh; Cooperatives Commission of Malaysia (SKM) executive chairman and Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Abdul Fattah Abdullah.

According to Hamzah, through several series of discussions held with oil companies and petrol station operators, they had agreed to improve on the oil prices mechanism.

Last week, Hamzah announced that the price of petrol and diesel would be set weekly, on Wednesdays, and the prices would be implemented after midnight.

Previously, the monthly setting of fuel prices was executed through a managed float system using the Automated Price Mechanism (APM) that had been utilised since 1983.

Meanwhile, the setting of prices through a monthly managed float mechanism began from December 2014.


Source : @ Bernama


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