Concerns are rising over pricing practices in the market.
Minister for Trade and SMEs, Manoa Kamikamica, stressed the importance of stricter regulations to address what he referred to as excessive profit margins and potential consumer exploitation.
“We are seriously looking at increased price regulation,” stated Mr. Kamikamica.
He noted that the Fiji Competition and Consumer Commission (FCCC), in conjunction with the Consumer Council, is conducting research to evaluate the current market conditions.
According to Mr. Kamikamica, the aim of this research is to pinpoint areas where tougher regulations might be needed to prevent perceived pricing abuses.
He also mentioned that these measures are being considered due to widespread concerns about certain traders implementing a 5 percent price increase before the budget is approved.
“We may have to regulate more fractures because there’s too much abuse occurring,” he said.
“The margins are too high on some products.”
He explained that the proposed regulatory changes are expected to target these problematic areas in the market where pricing practices are currently seen as an issue.