KUALA LUMPUR: The Malaysia Competition Commission (MyCC) pledged to ensure competitive market practices following the implementation of targeted diesel subsidies in Peninsular Malaysia, effective today.

MyCC Chief Executive Officer Iskandar Ismail said the commission is currently working closely with the Domestic Trade and Cost of Living Ministry and Finance Minister (MOF) to get access to crucial data to detect and respond to any signs of market distortion, particularly cartel activities.

He said that while MyCC acknowledges the existence of competition in the relevant markets, the commission will 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 market’s integrity and derails the implementation of the targeted subsidies mechanism.

“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,“ he said today.

According to Iskandar, to strengthen MyCC’s readiness and efforts, significant resources have been dedicated to enforce the Competition Act 2010 against any parties who retaliate through related economic sabotage behaviours.

He said MyCC welcomes any inquiries or reports from consumers and enterprises and they may do via www.mycc.gov.my or through any other means convenient.

Yesterday, Finance Minister II Datuk Seri Amir Hamzah Azizan announced that the price of diesel at all retail stations in the Peninsula is set at RM3.35 per litre, reflecting the market price without subsidy, effective today.

The government rolled out the BUDI MADANI initiative, which aims to target subsidy allocations towards deserving groups and alleviate the burden on those in need by providing RM200 monthly cash assistance.

Registration for BUDI MADANI opened on May 28, and there is no deadline for applying for the aid.