Business News

ICCC Appeals to Businesses


by Leanne Jorari – EM TV News, Port Moresby

The Independent Consumer and Competition Commission (ICCC) has appealed to business houses around the country to factor in reduced fuel prices, as a result of the global drop in oil prices, and to reduce their prices for goods and services.

Commissioner Paulus Ain spoke to EMTV following his recent tour of selected provinces to monitor economic activities.

Global fuel prices seem to be falling to new lows on a weekly basis, and though the Papua New Guinean motorist can experience these reduced price changes at the bowser, not much else has changed.

Prices for basic necessities remain unchanged throughout the country and have left consumers wondering if, and when, they will change.

Commissioner Ain has appealed to business houses around the country to reflect these changes in their prices.

The price at the bowser is determined by international petrol prices, government taxes and shipping costs, and since fuel prices have fallen drastically the same drastic reduction should be seen in the prices of goods and services.

According to Ain businesses are quick to reflect a spike in fuel surcharges, but the opposite can be said when prices decline, as recent trends have shown.

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