Independent Consumer and Competition Commission (ICCC)

Fuel Prices Continue Rising In April

The new retail fuel prices will take effect today.

“The significant increase in domestic fuel prices was mainly attributed to the increases in the Singapore product prices of between 17 percent and 25 percent, and the significant increase of 40.6 percent in international tanker rates in March 2022, which drove up average prices at the International Petroleum Products level for April 2022,” said the ICCC.

ICCC Trains Agents

About 12 participants (six BDOs and six provincial administration officers) participated in the workshop equipping them with the necessary skills and knowledge to perform their delegated duties and responsibilities on behalf of the ICCC.

Each participant was presented with a certificate of authorization and participation including official identification cards and uniforms (field wear) from the ICCC.

Sections 7(1) and 106(c) of the ICCC Act empowers the ICCC, among other things to liaise with government agencies on matters relating to consumer protection.

Real Estate Inquiry Needed

He stressed that the government is yet to implement the recommendations from a report put out a decade ago.

Ain said the urban Real Estate and Housing Industry has been a grave concern for the ICCC.

He made these remarks at the launch of the ICCC’s housing Policy on Friday.

ICCC Launches Staff Housing Policy

The ICCC Housing Policy is an inclusive financial assistance package for all ICCC staff to participate in the First Home Buyer Scheme (FBHS), the Home Renovation/Extension Scheme, and the Land Purchase Scheme for purposes of building a house.

Present to witness the ceremony were representatives from the Internal Revenue Commission (IRC) BSP, Financial, the Department of Treasury and staff of the ICCC.

Fuel Prices Drop

The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month, which took effect yesterday, 8th December 2021.                     
 
For this month, the IRPs for petrol, diesel and kerosene will all decrease on average, throughout PNG. These retail price decreases were mainly attributed to decreases in the Import Parity Prices (IPP), as the first case of the Omicron variant was confirmed in the United States of America (USA), restricting travel and causing world oil prices to decrease.
 

ICCC Gives Nod For Oil Search Merger

ICCC Commissioner and CEO, Paulus Ain said after taking into consideration Santos’ authorization application and submissions including comments from relevant stakeholders and available market information. ICCC notes that the acquisition of Oil Search by Santos will not seriously harm competition in any markets in PNG. 
 

ICCC signs deal with Simbu

The business development officers (BDO) will perform the role of, and act as agents, for the ICCC in Simbu.

Sections 7 (1) and 106 (c) of the ICCC Act empower the ICCC, amongst other things, to liaise with Government agencies on matters relating to consumer protection legislation.

ICCC releases Link PNG draft determination

On 09th April, 2021, Link PNG lodged an application for authorisation pursuant to Section 70 of the Independent Consumer and Competition Commission Act 2002, to enter into, and give effect to, a proposed JOA which includes provision of a proposed code-share agreement with PNG Air for the duration of five years.

According to Link PNG’s application, the proposed JOA is for the purpose of, among other things, the coordination of flight schedules, fleet allocation, operational and maintenance of services and charter airline operations between the two airlines.

New July fuel price

For this month, the Indicative Retail Prices (IRPs) for petrol, diesel and kerosene will all increase on average throughout PNG.

The rise in retail price is mainly attributed to reduction in supply from the Organization of Petroleum Exporting Countries (OPEC) and its allies, and increased global demand.

The domestic retail fuel prices for this month are inclusive of the IPPs, domestic sea and road freight rates for the third quarter of 2021, the annual wholesale and retail margins for 2021, applicable excise duties, and Goods and Services Tax (GST).

PORT MORESBY

Retailers must comply: ICCC

ICCC Commissioner and CEO, Paulus Ain, says the prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price.

He made this statement following the announcement of new May fuel prices, which came into effect on Saturday, May 8.

“The ICCC would like to remind retailers who sell fuel using pumps to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places,” Ain stated.