Independent Consumer & Competition Commission (ICCC)

Fuel prices increase for August

The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month, which take effect today.                    

These price increases are mainly attributed to the average increase in oil prices, and the depreciation of the PNG kina against the US dollar during the month of July, 2020.

In Port Moresby the maximum retail prices for fuel in Port Moresby are as follows:

ICCC approves MVIL purchase of shares in Pac Re

The ICCC approval was given on August 03rd 2020.

MVIL submitted a Clearance Application to the ICCC on  July 16th seeking approval to proceed with the acquisition of shares in Pac Re.

After considering all stakeholders’ comments during applications assessment, the ICCC was satisfied that the proposed share acquisition will not be likely to have the effect of substantially lessening competition in the market for reinsurance services in PNG.

The ICCC’s approval for the acquisition to proceed are based on the following:

Feb Fuel Prices Drop

The ICCC states that price decreases are attributed to the decrease in crude oil prices caused by slowdown in economic activities in China due to the outbreak of the novel coronavirus.

At the Import Parity Price level, the extent of the price decrease was curtailed due to the depreciation of the PNG kina against the US dollar in January by 0.05 percent.

According to ICCC calculations, retail prices will decrease right across the country.

ICCC moves to curb cartel conduct

The ICCC revealed this during a seminar hosted to commemorate World Competition Day on December 5th.

A ‘Leniency Policy’ gives companies full or partial immunity from fines or penalties when they provide information about a cartel in which they participated in.

Cartel conduct is an agreement by competitors to coordinate their prices or output in order to increase their collective profit.

This can include:

ICCC sues Steamships

A ruling on the motion was handed on 27th March 2018 in favour of the ICCC, dismissing Steamships Trading Company’s motion to dismiss the case.

The court granted the case to go for trial.

ICCC made its intention known today through a media conference to pursue the case against Steamships Trading Company Limited and others for certain behaviours in the coastal shipping industry resulting in infringing and non-compliance with the principles of the ICCC Act.

Diesel, major cost input: ICCC

Therefore any price change in the retail prices of diesel will affect wholesale and retail prices of these goods based on logistical and operational factors, said Independent Competition and Consumer Commission (ICCC) Commissioner, Paulus Ain.

“This means that any increase/decrease in fuel costs will directly increase or decrease the operational costs of the manufacturing companies and freighters, which means that prices of these goods at the wholesale and retail level will change accordingly,” said Ain.

​Sept fuel price increase

In a statement by the Independent Consumer & Competition Commission (ICCC), fuel prices for petrol, diesel, kerosene all rose in response to rising global oil prices.

For Port Moresby motorists, petrol rose by 13.06 toea per litre (tpl) and now sits at 319.58 tpl; diesel increased by 5.76 tpl and is now selling at 259.05 tpl; and kerosene prices grew by 7.73 tpl to sell at 244.15 tpl.

The ICCC states that retail prices for all other designated centres will change according to their approved in-country shipping and road freight rates charged by other fuel distributers.

Fuel price increase for August

This follows a drop in fuel prices in the last two months.

The new prices are as follows:

Fuel prices drop for June

 

The Independent Consumer and Competition Commission (ICCC) announced yesterday the new retail fuel prices which come into effect.

Petrol decreases by 7.42 toea per litre (tpl) from 318 tpl in May to 310.95 in June.

Diesel now sits at 251.82 tpl after dropping by 7.54 tpl from 260.11 last month.

And kerosene drops from 244.38 tpl in May to 237.08 after falling by 6.63 tpl.

Ain aims to bring back credibility to ICCC

Ain said this following the signing of his employment contract on November 29 at Government House.

He reiterated what he said a year ago following his appointment as Acting Commissioner that it was his goal to bring back credibility to state regulatory bodies.

“As I had stated when taking over office last year, I want to bring back the credibility of the ICCC and trust and confidence of the regulated entities. Above all, I want to ensure that there is vibrant competition in our economy and the interests of our consumers are protected,” he said.