ICCC

ESP retail outlets fined for price hike

ICCC Commissioner and Chief Executive Officer, Paulus Ain, said a total of thirteen infringement notices were issued to five retailers at Maprik while fourteen were issued to just three retailers in Wewak town for non-compliance of State of Emergency Order No. 19.

The non-compliant retailers in Maprik are:

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Views welcomed on proposed Link PNG merger

ICCC said Link PNG Limited, a subsidiary of Air Niugini Limited, has submitted an application seeking authorisation for its proposed acquisition of up to 60 percent shares in PNG Air Limited.

“Link PNG proposes to firstly acquire 40 percent of the shares in PNG Air owned by National Superannuation Fund Limited (NASFUND); and followed by the acquisitions of shares of minority shareholders,” revealed ICCC.

ICCC fines shops in New Ireland for price increases

Red Star Investments in Kavieng was issued two infringement notices while Island Store, Arrow Trading 1 and Arrowing Trading 2 were issued the other four infringement notices.

Each infringement notice carries a spot fine of K5,000.

ICCC Commissioner and Chief Executive Officer, Paulus Ain, said if shops need to increase the price of goods during the State of Emergency period above five percent then they need to seek the approval of the ICCC first.

ICCC begin price hike inspection

ICCC Commissioner and CEO, Paulus Ain, said so far his officers have not seen instances of price inflations by shops owners.

However, they are calling on consumers to be vigilant and to report and send evidence of shops breaching the gazettal.

In a media conference today ICCC Commissioner and CEO, Paulus Ain, said his officers have already begun inspecting to ensure prices of basic goods and needs are not inflated as per the Government Gazettal.

Lower fuel prices this month

The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month have taken effect on Sunday, 08th March.                     

Furthermore, these price decreases are attributed to the following:

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Out of court settlement by Steamships

This follows an offer made to ICCC by Steamships for settlement out of court because of a delay by the National Court in progressing the matter.

In November 2011, the ICCC instituted legal proceedings against PNG Main Port Liner services Ltd, Steamships Trading Ltd, Kambang Holdings Ltd and Consort.

ICCC alleged that the acquisition of Kambang’s 34,000 shares in Consort by Mainport in 2009 breached section 69 of ICCC Act 2002.

This provision provides that a person shall not acquire shares of a business if it would likely lessen competition in a market.

Petrol price decreases by 2t

These prices will come into effect this Thursday, November 8.

The retail price for petrol stands at K3.83 per litre, a decrease of 2toea from October, diesel will cost K3.64 per litre, an increase of 9toea while kerosene will cost K3.34 per litre, an increase of 10toea.

According to the ICCC’s calculations, retail fuel prices for petrol will decrease while the retail prices for diesel and kerosene will increase throughout PNG.

ICCC raises concerns on hotel rates

Over the years, consumer watch dog and economic regulator, the Independent Consumer and Competition Commission, has received complaints from consumers regarding the increasing hotel rates, in particular 5-star hotels in the nation’s capital.

Port Moresby in the past three years has seen more developments in hotels however, the increase in the supply of rooms is not reflected in the rates.

Concerns are now being raised by Independent Consumer and Competition Commission on the recent increase on hotel room rates in Port Moresby.

Codes of Conduct for Real Estate sector

The Codes of Conduct are aimed at protecting consumers who are renting and new or existing home owners engaging contractors to build or renovate their properties. 

In his Ministerial speech to Parliament recently on the ICCC’s 2016 Audited Annual Report, Deputy Prime Minister and Treasurer, Charles Abel, said they hope to make the codes mandatory.

Under the current legislative arrangement, the codes are currently voluntary.

Fuel and food prices to rise in 2018

CEO of the Independent Consumer and Competition Commission Paulus Ain confirmed this.

He said this is due to the increase of fuel price which was released recently due to the new tax for fuel as per the 2018 budget.

“That was a government decision.

“So most likely the cost of doing business in this country will be affected because fuel is the main cost driver.

“So if fuel is driving this cost then we are also expecting food prices on the shelf to also increase.