ISLAMABAD: Following complaints of steep rise in prices of essentials commodities, the Competition Commission of Pakistan (CCP) has recommended the Securities and Exchange Commission of Pakistan (SECP) to reinstate the requirement of cost audit of five sectors related to consumer goods for the purpose of policy interventions in a fair, transparent and independent manner.
In a policy note sent by CCP to the SECP on May 8 (Friday), the sectors mentioned included cement, sugar, vegetable ghee/cooking oil, fertiliser and wheat flour industries.
It has been learnt that the policy note has been written after the CCP was unable to find the actual price of sugar production following complaints of the price hike. The CCP is of the view that any limitation placed on cost audits may promote anti-competitive practices that in their very essence are detrimental to public interest, the note added.
It is pertinent to mention here that the CCP has been entrusted with the exclusive statutory mandate of providing free competition in all spheres of commercial and economic activity, to enhance economic efficiency and protect consumers from anti-competitive practices.