As the Commerce Commission assesses the retailers' costing on putting the price controlled basic food items on the supermarket shelves, the Commission Chairman Doctor Mahendra Reddy said there will not be much change in the Maximum Retail Prices earlier set.
Doctor Reddy said during their assessment of the costing submitted by the retailers so far, they have even seen actual costs on items lower than the current prices set by the commission.
He is confident that the prices are likely to stay within the maximum prices set.
Doctor Reddy revealed that there will be on the spot fines if the prices set are not followed.
The on the spot fine is $3,000.
If retailers continue to hoard products under price control or charge higher prices than the maximum prices set, then the maximum penalty through the courts is upto $50,000 and three years imprisonment.
Doctor Reddy also said members of the security forces will accompany the officials of the commission this Saturday.
He said the members of the Police force will be providing security to the commission officials.
Doctor Reddy stressed that the retailers have to follow the new Maximum Retail Prices set as the commission's decision cannot be challenged in the courts.
Meanwhile Doctor Reddy stressed that the Commission is not against business houses making profits.
However he said they have to be reasonable and follow the order under the decree.
He said the businesses need to follow the processes and forward their costing on items under price control if they say that they are selling items at below cost.
Doctor Reddy said the wholesalers and retailers were given four weeks to provide their costing for the basic food items however this did not eventuate.
He said the retailers only started coming forward from last Thursday when they knew that they had to follow the new Price control order from last Saturday.
He confirmed that a review of the prices earlier announced is currently underway and a further announcement will be made by tomorrow.
Story by: Vijay Narayan
Not many changes to earlier Maximum Retail Prices
Related Stories
We are committed to holding elections – Siromi Turaga
Questions were raised during Dialogue Fiji’s Constitution review discussion on whether the government can delay the general elections and complete the Constitution review however Acting Attorney General Siromi Turaga
Fijian economy on track to grow for fourth consecutive year in 2025 by 3.4%
The Fijian economy is on track to grow for the fourth consecutive year in 2025 by 3.4 percent, following a 3.5 percent expansion in 2024. The growth forecast is revised up marginally from the 3.2 percent projected
Heavy Rain Alert for Eastern Viti Levu, Southern Bua, Cakaudrove, Taveuni and maritime areas
A heavy rain alert is now in force for the eastern half of Viti Levu (Navua–Suva–Nausori to Serua–Namosi to Tailevu–Naitasiri–Ra areas), southern Bua, Cakaudrove, Taveuni and nearby smaller islands, the Lau an
We need to dismantle criminal enterprises, hitting them where it hurts most - Speaker
Speaker of Parliament, Filimone Jitoko has highlighted during the opening of the Office of the Director of Public Prosecutions Conference that there is a need for prosecutors in the country to master the digital frontie
Fiji has learned from its past and we know that restricting media engagement or access is not the answer - Tabuya
At all times, the public interest in accessing information and the media’s role in scrutinising government must outweigh any unilateral power to silence or sideline a news outlet. In Fiji, we uphold the principle that
Wailea resident raises concerns about drug issues raised countless times with Police while COMPOL says official complaint must be lodged
Wailea Settlement Community leader, Inoke Utona says he has raised the issue of drug use and dealing in their area countless times with the authorities but there has still been no response from Police. However when