PNG Businesses

Consumers watchdog urges businesses to comply

Commissioner Paulius Ain revealed this today at a media conference in Port Moresby.

Ain made the statement after noting that many business houses were not sharing the benefits of reduced costs of fuel with their customers.

“When worse come to worse, we may look at, in the future, controlling some prices of these goods.

“We will take them back and price control and going back to the old days,” he said.

He urged the businesses to cooperate with them and help the customers and not be benefiting themselves.

ICCC boss urges companies to pass on reduced costs

The Commissioner and CEO of ICCC Paulus Ain made this call in light of the significant fall in the retail fuel prices since last year.

He said that from July 2014 to November 2015, the global crude oil prices had decreased by a total of 69%, while over the same period the domestic retail prices for petrol, diesel and kerosene had decreased cumulatively by 36.1%, 48.0% and 47.6% respectively. On average the domestic fuel prices had decreased by 43.9%.

The fall in domestic retail prices had benefited the business houses and general fuel consumers.