ICCC

ICCC signs cooperation agreement with Simbu

The MoU paves the way for both parties to work together and enforce the consumer protection, completion, and economic regulation work for the ICCC.

Under the MoU, a Business Development Officer (BDO) within the Commerce Division of the Provincial Administration will be formally recognized and resourced as an ICCC appointed agent to perform the monitoring and enforcement function of the ICCC.

The BDO will work in close collaboration with the ICCC’s Highlands Regional office and will be guided and required under the MoU to undertake 11 main activities.

Fuel prices drop in December

The latest fuel prices released by the Independent Consumer & Competition Commission yesterday show petrol dropping by mire than 8 toea per litre (tpl) and diesel and kerosene dropping by over 10 tpl.

The decreases follow three months of consecutive fuel price hikes with November recording the highest with all three main fuels rising by 13 per cent.

The new retail price for petrol stands at 299.78tpl (K3.00 per litre) after dropping by 8.40tpl.

Review on project agreement determination sought

The Independent Consumer and Competition Commission (ICCC) is now calling for stakeholders in the aviation and oil sector as well as the public to review the draft determination and comment before December 19th.

One of the key issues raised in the determination is the Napa Napa Project Agreement between Puma Energy and the State, which the ICCC says has been one of the major areas of competition concerns.

ICCC issues Statutory Notice to Exxon Mobil

ICCC Commissioner and CEO Paulus Ain in a statement said, the notice is issued under Section 128 of the Independent Consumer and Competition Commission Act 2002 (ICCC Act).

He said once a Statutory Notice is issued, it compels any individual or company to provide specific information or documents requested by ICCC.

“The issuance of a Statutory Notice is not taken lightly and is exercised when an individual and or a company has refused to voluntarily provide information formally requested by the ICCC.”

ICCC supports proposed reforms for Internet rates

ICCC Chief Executive Officer, Paul Ain, told Loop PNG that the suggested reforms will place them and other regulators in a better position to address the issue.

He said this following the launching of the report ‘Why are internet prices high in Papua New Guinea’ at the National Research Institute yesterday.

Ain said in terms of pricing the National Information & Communications Technology Authority  (NICTA) would step in to regulate.

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.