The Fijian Competition and Consumer Commission (FCCC) has implemented a significant 15 percent reduction in the ex-factory wholesale prices of Ghee products. This decision aims to alleviate the cost-of-living pressures facing Fijian households.
FCCC Acting CEO Pranil Singh emphasized that retailers and wholesalers must adjust their prices accordingly to reflect these new ex-factory rates. He warned that businesses failing to comply would face strict consequences. As a result of this adjustment, the retail price of a 750ml bottle of Ghee, which has previously ranged between $27 to $31, is expected to decrease, providing some relief to consumers.
The move comes in response to recent observations of a troubling spike in the price of Ghee, where the price increased from an average of $24.02 to $31.24 in a short span, causing significant concern among consumers. Seema Shandil, Chief Executive of the Consumer Council of Fiji, has expressed alarm over such drastic price increases and their impact, especially as they coincide with the festive season when the demand for Ghee is particularly high.
The FCCC plans to actively monitor the market to ensure fair pricing practices. They encourage consumers to report any instances of unfair pricing to help maintain fair market standards. This decision reflects a proactive approach to consumer protection during a time when many families may be facing financial challenges, and it’s hopeful that this price reduction will ease some of the economic burdens on households in Fiji.
In essence, this regulatory action aims to ensure that consumers are supported amidst rising prices and that businesses engage in fair pricing practices during this vital time of year.
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