Independent Consumer and Competition Commission (ICCC)

ICCC commences nationwide price inspection

Chief executive Officer of ICCC, Paulua Ain announced this in a press conference today reminding all wholesalers and retail shops throughout the country of this exercise.

The first leg of the operation began today in the National Capital District with other centers to follow soon. Almost eight ICCC staff are involved in this exercise.

ICCC Consults on VBR’s PNG Investment

VBR, a subsidiary of Vision Blue Resources Limited, aims to acquire a 49% interest in MR Industrials PNG Pte Ltd, which owns the Central Lime Project (CLP) in PNG. The CLP, situated in the Central Province, is a significant venture focusing on lime production and is integral to PNG's natural resource sector.

Mayur Resources Limited, the parent company of MR Industrials, is focusing on various resource developments in PNG, including iron sands, lime, cement, carbon credits, and renewable energy.

ICCC lauds BSP’s customer feedback centre

ICCC Commissioner and Chief Executive Officer, Paulus Ain said BSP's initiative to improve on addressing its customers' complaints and queries follows on from its online survey and report on Bank South Pacific's banking system upgrade.

"After completing the survey and presenting the report to the BSP management team, BSP considered and intervened with some improvements and alternate solutions to address its complaints promptly and improved customer service experience," Ain said.

Fuel prices dip globally

The decline in Indicative Retail Prices (IRPs) for petrol, diesel, and kerosene is attributed to a global downturn in crude oil prices throughout December 2023.

The dip in international crude oil prices, primarily driven by an increased supply amidst heightened geopolitical tensions in the Middle East, has resulted in a corresponding decrease in domestic retail fuel prices across Papua New Guinea (PNG). 

KPHL cleared to acquire extra LNG shares

ICCC Commissioner and Chief Executive Officer Paulus Ain said ICCC made this decision following its assessment and considered that the proposed transaction will not affect competition or change the competitive dynamics of the market in PNG.

“The ICCC was satisfied that the Proposed Acquisition of up to a 5 percent project interest in the PNG LNG Project from Santos by KPHL would not likely have the effect of substantially lessening competition in any market in PNG,” Ain said.

ICCC to control Stevedoring and Handling Services rates

The ICCC, following completion of its pricing review into the Stevedoring and Handling Services determined that the rates for the Stevedoring and Handling Services charged for international containerized cargoes at the Motukea Port and Lae Tidal Basin will be regulated for the next 5 years commencing on January 1, 2024.

Fuel price drop

This was announced by the Independent Consumer and Competition Commission (ICCC) Commissioner Paulus Ain during a press conference yesterday in Port Moresby.

Ain said the indicative retail prices for petrol, diesel and kerosene will all decrease on average throughout the country starting in Port Moresby.

He said these retail price decreases are mainly attributed to the average decrease in international crude oil prices in the previous month of October 2023.

Businesses called to reduce price of goods

Commissioner Paulus Ain said much of what has happened globally has subsided and prices are expected to decrease throughout the year.

That is why selected food retail businesses must now comply with the directives and reduce their food prices.

The call on reduced prices comes following the release of the Food and Agriculture Organisation’s (FAO) Food Price Index which reported a general decrease in the combined prices of major food commodities.

ICCC clarify increase of fuel price

PNG is a price-taker in the market and any changes to the global crude oil price directly affect the prices of fuel in PNG.

ICCC chief executive officer, Paulus Ain in a press conference held today to clear the air amid concerns raised pertaining to the increase of fuel prices in the country.

Mr Ain clarified the processes involved in the trading of fuel globally and how it affects fuel prices back home.

He said the fuel price fluctuates because of the inconsistency of the global crude oil prices.

Gov’t set to improve consumer protection

Treasurer Ian Ling-Stuckey met with the Independent Consumer and Competition Commission (ICCC) Commissioner Paulus Ain recently to address the rising cost of living.

He reassured ICCC that he will be working closely to strengthen laws that protect consumers against predatory behavior.

Treasurer Ian Ling-Stuckey said that the recommendations put forward by ICCC to amend the Price Regulation Act, the Harbours Act and the Packaging Act will be implemented, subject to NEC approval.