By Chisomo Phiri
BLANTYRE-(MaraviPost)-The Competition and Fair Trading Commission (CFTC) has urged trade associations in country to cease and desist from engaging in price gouging and price-fixing.
This follows the reports that some trade associations have started announcing fixed price adjustments for goods and services in their respective industries due to the increase of pump prices of liquid fuels.
In a statement signed by its Acting Executive Director Apoche Itimu, the Commission advises all trade associations, group of enterprises,stakeholders and the general public that fixing uniform prices for goods and services in any market is prohibited under Sections 33(3)(a) and 34(1)(b) of the Competition and Fair Trading Act (CFTA).
The commission adds that price gouging in form of unjustifiable and unreasonable increases also to a violation of Section 43(1)(g) of the Competition and Fair Trading Act (CFTA).
“The Commission is calling all trade associations and other stakeholders to cease and desist from engaging in these prohibited practices. If any trade Association or any stakeholder will be found engaging in this malpractice, the commission will not hesitate to execute determinant measures as prescribed under section 51 of the CFTA.
“If you want to report any Association or person found engaging or suspected to be engaging in price-fixing cartel in any market or price gouging, please contact the Commission by calling our Toll-free number 2489, lodge your complaint on our website, report on our Facebook page or email email@example.com”, reads the statement.
CFTC was established under the Competition and Fair Trading Act (CFTA) in 1998 with with a mandate to regulate, monitor, control and prevent acts behaviors which would adversely affect Competition and Fair Trading in Malawi.