Malaysia Competition Commission monitoring cement prices

MyCC chief executive Iskandar Ismail. (Bernama pic)

PETALING JAYA: The Malaysia Competition Commission (MyCC) will be monitoring prices of cement in the wake of Putrajaya’s reasssurance that prices of the building material will not be increased.

It was earlier reported that several contractors and cement product manufacturers had revealed they had received a letter from a local cement company that the price of cement would be going up. Some reports said the price was expected to increase by 40%.

MyCC chief executive Iskandar Ismail said they have taken note of price increase notices issued by industry players and the effect of YTL Cement Bhd’s takeover of Lafarge, another major player.

Section 4 and Section 10 of the Competition Act 2010, he said, clearly prohibits enterprises from entering into any anti-competitive agreement and abusing their dominant position in the market.

“We are currently working closely with the ministry to provide our input and will further assess the matter under the provisions of the Competition Act 2010 if necessary.

“MyCC strongly believes in promoting competition and urges members of the public to lodge their complaints with us should they encounter any suspicious conduct in the cement industry.”

Earlier today, Domestic Trade and Consumer Affairs Minister Saifuddin Nasution said there will be no increase in the price of cement and that this decision was made after a meeting with stakeholders.

Finance Minister Lim Guan Eng said on Sunday that construction companies had complained of a cement price increase of 40-50% between June 15 and July 1.