CCP raids offices of Pakistan Vanaspati Manufacturers Association
July 9, 2021
ISLAMABAD: After witnessing a surge in ghee/cooking oil prices, the Competition Commission of Pakistan on Thursday raided the premises of Pakistan Vanaspati Manufacturers Association for impounding records to establish alleged cartelization and abuse of dominance for fleecing consumers.
Top official sources said that the government had taken a strong notice of an unprecedented surge in prices of ghee and cooking oil in the domestic market in the aftermath of budget 2021-22, so the decision was taken to probe it with the help of competition commission.
The Competition Commission of Pakistan (CCP) team raided three major cities and seized plenty of records from the Pakistan Vanaspati Manufacturers Association (PVMA) offices located in Islamabad and Lahore.
Inflation clocks in at 10.9% in May 2021
Remains in double digits for second successive month due to increase in energy, food prices
ISLAMABAD:
The inflation rate remained in double digits for the second successive month and stood at 10.9% in May due to increase in energy and food prices amid low chances of any respite because of recent hike in electricity prices.
The Pakistan Bureau of Statistics (PBS) reported on Tuesday that the Consumer Price Index (CPI) rose to 10.9% in May over the same month a year ago. The 10.9% inflation rate is higher than up to 9.8% projection given by the Ministry of Finance last week. The inflation bulletin has been released three days after the State Bank of Pakistan (SBP) decided to maintain the policy rate at 7%.
ISLAMABAD: The Competition Commission of Pakistan on Wednesday announced that the first round of hearings in ‘sugar cartelisation case’ would be concluded by the next week.
The CCP had commenced hearings on Jan 7 in the proceedings against Pakistan Sugar Mills Association (PSMA) and 84 member mills for prima facie cartelisation in violation of Section 4 of the Competition Act 2010, a press release said.
Hearings were held this year on Jan 7, 8, 11, 15 and 20, respectively, and so far the commission had heard PSMA and 40 sugar mills through their respective counsels, the CCP press release said.
The matter was initially fixed for hearing last year on Nov 20, 24 and 25, however, owing to requests from the respondents’ adjournments were granted. The first round of hearings is underway with counsels raising their preliminary objections before the bench.