CCP starts probe into hike in prices of commodities

ISLAMABAD: The Competition Commission of Pakistan (CCP) has initiated a countrywide inquiry into the possible anti-competitive behaviour behind the rising prices of essential food commodities in the informal sector.
Finally, the CCP has awakened to the injustice to the common man, who is being unjustifiably fleeced by a price hike in food commodities in the domestic market, by launching a countrywide inquiry in a bid to penalise those who were earning hefty profits at the cost of voiceless consumers.
According to CCP’s announcement made here on Thursday, the probe has been initiated after concerns were shown by the public and government that some outfits in the informal food markets are manipulating the supply and prices of food products against the law and public interest.
It is pertinent to mention here that in the National Price Monitoring Committee meeting held earlier this week, Federal Finance Minister Ishaq Dar expressed his concerns regarding the price hike in essential food commodities, particularly, fruits, vegetables, milk and pulses.
In the first phase of the investigation, crucial information regarding undertakings that manipulate pricing and supply of abovementioned commodities is being gathered. In this regard, provinces and district administrations have been approached by the Commission and it is expected that CCP will soon have all the relevant information and data required to take strict action as per the Competition Act, 2010.
Through this investigation, CCP will determine whether the price hike in the food commodities market is a result of anti competitive practice such as cartelisation or abuse of dominance, or otherwise.
Once the process is complete, CCP may impose substantial penalties on the undertakings involved in accordance with provisions of the Competition Act in order to protect consumers.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.