ISLAMABAD: The Competition Commission of Pakistan (CCP) has initiated a countrywide inquiry into the possible anti-competitive behaviour behind rising prices of essential food commodities in the informal sector, says a press release issued by the Competition Commission of Pakistan. The probe has been initiated after concerns were raised by the public and the government that some undertakings in the informal food markets were manipulating supply and prices of food products against the law and public interest. It is pertinent to mention here that Federal Finance Minister Ishaq Dar recently expressed his concerns regarding the price hike seen in essential food commodities, particularly fruits, vegetables, milk and pulses, during the National Price Monitoring Committee meeting held earlier this week. In the first phase of the investigation, crucial information regarding undertakings that manipulate pricing and supply of above-mentioned commodities is being gathered. In this regard, provinces and district administrations have been approached by the commission and it is expected that the CCP will soon have all the relevant information and data required to take strict action as per the Competition Act, 2010. Through this investigation, the CCP will determine whether the price hike in food commodities’ market was a result of anti-competitive practice such as cartelisation or abuse of dominance, or otherwise. Once the process is complete, the CCP may impose substantial penalties on the undertakings involved in accordance with provisions of the Competition Act in order to protect consumers. The CCP is mandated by the Competition Act to enforce the prohibitions against anti-competitive practices in all spheres of commercial and economic activities and to protect consumers from anti-competitive behaviour.
Ogra allows Cnergyico to export 40,000 tonnes furnace oil in April as surplus builds
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