Independent Consumer and Competition Commission (ICCC)

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.

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.

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.

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.

ICCC informs that the existing five-year Regulatory Contract binding between ICCC and MVIL is due to expire on December 31, 2022, hence this review is undertaken to determine and set a new Regulatory Contract for the next five years (2023-2027).

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.

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.

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.

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.