KUALA LUMPUR, Feb 1 — Datuk Ahmad Maslan should start with Tenaga Nasional Bhd (TNB) if he is serious about pursuing firms who refuse to lower prices despite reduced costs, DAP MP Teo Nie Ching said today.

Responding to the deputy finance minister’s warning following another round of reduction in consumer fuel prices last night, Teo pointed out that the power utility has chosen to maintain current electricity tariffs and reap windfall profits in the previous quarter.

The DAP assistant national publicity secretary said that coal price has fallen by a fifth since tariffs were increased by 16 per cent last January, and that analysts expect TNB to save at least RM703 million this year alone from lower costs.

The Kulai MP also highlighted the actions of the Singapore and Sarawak governments, which reduced electricity rates by 8 per cent and 40 per cent respectively in reaction to cheaper power generations costs.

“Being a beneficiary of lower coal price, why TNB did not follow their steps, especially when its net profit for the first quarter ended November 30, 2014 rose 34.3 per cent year-on-year to RM2.35 billion?

“So I urge Ahmad Maslan, instead of threatening to take harsh action against unscrupulous traders who refused to lower the prices of certain clusters of goods after April 1, he should first take against TNB and BN government who have refused to lower the electricity tariff,” she said in a statement today.

The price of RON95 petrol and diesel dropped to RM1.70/L today while RON97 went to RM2.00/L according to the managed float system implemented after consumer fuel subsidies were scrapped in December.

Pump prices are now determined by the monthly average oil price in the preceding month. Brent crude oil closed this week at US$48.24 (RM175.20.)

Ahmad previously warned of action under the Price Control Act and Anti-Profiteering Act 2011 if “unscrupulous traders” failed to reduce prices of exempted goods or excessively increase prices of normal items once the goods and services tax is levied in April.