A long-time copra buyer on Karkar Island says they cannot increase their copra price to compete with the recent buyer Linguan as they are going to make a loss.
Paul Goodyear of Biabi Enterprise, told EMTV the market price in Madang is at K1.25 per kilo and it is the same price their competitor, Linguan is buying at on Karkar.
Two local copra buyers on Karkar island, Biabi Enterprise and Kulili Estate have been buying copra for over five decades.
General Manager of Biabi Enterprise, Paul Goodyear, says they will be affected if rival buyer continues to buy at K1.25 per kilo.
Goodyear explains the K200 000 subsidy given to the three buyers respectively was from the local MP.
They have made acquittals of the money given and were happy with the fair distribution.
He adds their concern now is the K1.5 million subsidy given by the provincial government to Linguan alone.
Goodyear says over time it can create a monopoly on the island if and when both companies cannot compete with the foreign company.
Saying the company may have the advantage to set its own price.
Local Copra farmers on the island are calling for more copra buyers on the island to create more competition and boost prices.
Most farmers EMTV interviewed want better prices for their copra bags.