ICCC

Fuel price increases while diesel and kerosene drop

The Consumer’s watchdog, the Independent Consumer and Competition Commission (ICCC) made the announcement recently.

ICCC in a statement said the new fuel prices for the petroleum products (diesel, petrol, and kerosene) for the month of September, 2016 are set based on the calculation of the Import Parity Prices (IPP) for the month of August, 2016.

The ICCC has also noted that there were increases in the Singapore product prices of petrol while the diesel and kerosene have decreased.

Drop in fuel prices

The decrease were attributed to low crude oil prices and the strengthening of the US dollar against other major currencies during the month of July, 2016.

The consumer watchdog, Independent Consumer and Competition Commission (ICCC) has released a statement announcing the new domestic retail fuel prices for this month.

The new fuel prices for the petroleum products (diesel, petrol, and kerosene) for the month of August, 2016 are set based on the calculation of the Import Parity Prices (IPP) for the month of July, 2016.

ICCC to seek legal advice on acquisition of InterOil

In a statement released on Monday, ICCC Commissioner, Paulus Ain says the proposed acquisition may raise competition issues under section 69 of the ICCC Act.

“If the transaction proceeds without a clearance or an authorization from the ICCC, we reserve our rights to institute legal action in Court to challenge the acquisition, if we ultimately form a concluded view that the acquisition would have some serious negative implications on competition,”

ICCC concern of Oil Search acquisition of Oil Search

Oil Search had made a bid of US$2.2 billion (K7 billion) and the decision of the offer will be known next month when Inter Oil convenes its annual general meeting next month.  

Oil Search is a joint venture partner in the PNG LNG Project with the interest of 29 percent.

It also has a stake of 22 percent in the Papua LNG Project.

Given Oil Search as these interests, the ICCC is concerned that this proposed acquisition may substantially lessen competition in the gas markets in PNG.

PNG Loop’s 5@5

11 planes to fly late Agiru home

Eleven planes have been chartered to fly the late Hela Governor Anderson Agiru back home to Southern Highlands and Hela from Port Moresby.

http://www.looppng.com/content/11-planes-fly-late-agiru-home

 

Taris do their crying in the rain for late Agiru

Heavy rain pelted Tari town as the body of late Governor Anderson Pawa Agiru touched down.

Consumer protection aims to stop consumer abuse

Independent Consumer and Competition Commission Commissioner Paulus Ain made these comments when officially opening the 'consumer protection and market conduct framework workshop for PNG financial sector' today in Port Moresby.

The two-day  workshop aims to draw up recommendations for a draft guideline to protect consumers from financial institution marketing.

Are people benefiting from lower fuel costs?

Opposition leader Don Polye said the ICCC must plan to create a win-win situation for the seller and the buyer within the context of current economic challenges.

He said the ICCC needs to upgrade their programs and introduce a new strategy to prescribe minimum (standardised) pricing for oil (fuel, gas) related trade in PNG. 

“The ICCC should not lay back and play a “wait and see” role as the determinants for world oil prices are clear which show that the oil price will not come up beyond US$50 per barrel quickly for the medium term. 

Consumers watchdog urges businesses to comply

Commissioner Paulius Ain revealed this today at a media conference in Port Moresby.

Ain made the statement after noting that many business houses were not sharing the benefits of reduced costs of fuel with their customers.

“When worse come to worse, we may look at, in the future, controlling some prices of these goods.

“We will take them back and price control and going back to the old days,” he said.

He urged the businesses to cooperate with them and help the customers and not be benefiting themselves.

Businesses profiting on reduced cost of fuel: ICCC

Commissioner Paulus Ain said since fuel is one of the major cost drivers in any cost inputs, the significant fuel price reduction over this period would have reduced the operational cost of businesses,  consequently some cost savings would have been realised.

“I am strongly of the view that the reduction in operating costs should result in lower prices of some goods and services.”

ICCC boss urges companies to pass on reduced costs

The Commissioner and CEO of ICCC Paulus Ain made this call in light of the significant fall in the retail fuel prices since last year.

He said that from July 2014 to November 2015, the global crude oil prices had decreased by a total of 69%, while over the same period the domestic retail prices for petrol, diesel and kerosene had decreased cumulatively by 36.1%, 48.0% and 47.6% respectively. On average the domestic fuel prices had decreased by 43.9%.

The fall in domestic retail prices had benefited the business houses and general fuel consumers.