The Independent Consumer and Competition Commission (ICCC) will today sign the Postal Services Regulatory Contract.
This contract will provide the basis for price adjustments for postage stamps and post office boxes to apply to Post PNG.
The agreement will be for the next five years, commencing on January, 2017.
The Commissioner and Chief Executive Officer of the ICCC, Paulus Ain, in announcing the signing said that this contract is similar to what other countries refer to as a general tariff order.
He said the signing signifies the end of an eight month public consultation and transparent process whereby the Commission was able to gather and asses Post PNG’s historic and projected market information in order to ensure regulation of Post PNG remained sound and effective overtime.
“This Contract, unlike the previous contract, adopts a light handed form of regulation which is basically designed to provide certainty to Post PNG with respect to the manner in which prices will be monitored overtime thereby allowing Post PNG greater autonomy to properly plan its operations and investments. Moreover, the contract is also designed to provide certainty to the consumers and other stakeholders as to the manner in which prices will be monitored overtime.” Ain said in a statement.