ICCC is tasked with the responsibility of regulating prices of certain declared goods that are declared by the Minister for Treasury. The Commission commenced its pricing reforms in 2004 for all the declared goods and these declared goods are the results of the pricing reforms and are declared by the Minister for Treasury for the purpose of price regulation. In determining the approach for regulation, the ICCC has opted to apply the price monitoring approach in regulating these declared goods.
Sugar (Brown and White)
In its role of regulating prices of certain declared goods and services, the Commission has the responsibility to regulate prices of Ramu sugar products. Nearly all of the sugar products in Papua New Guinea (PNG) are manufactured and distributed by Ramu Agri Industries Limited (RAIL) and more recently other importers who import directly from overseas manufacturers and distribute packaged sugar products. Briefly, the current regulatory arrangements under the Prices Regulation Act (“PR Act”) Chapter 320, allows the Commission to monitor the ex-factory gate prices of Ramu sugar products supplied by RAIL on a monthly basis under the provisions of Section 32A of the Act and compares these price movements against the benchmark prices from the New Zealand Statistics and the National Statistics Office retail sugar prices.
Rice (Roots Rice supplied by Trukai)
The Commission role in regulating the rice industry in PNG is very much centered on the Roots rice products supplied by Trukai Industries Limited. As a declared good, Trukai is required to supply its factory gate pricelist of Roots rice to the Commission on a quarterly basis. The Commission collates these price movements and compares their movements to the data sourced from the New Zealand Statistics and the National Statistics Office.
Flour Industry Price Monitoring
Similar to the roots rice regime, the Commission also regulates and monitors the prices of flour products supplied by both Goodman Fielder Asia Pacific Limited with their brand if Flame flour and the 3-Roses flour supplied by the Niugini Tablebirds under the Mainland Holdings Limited. The Commission receives quarterly prices form these two flour suppliers and compares their price movement against the New Zealand Statistics available online for free access.