CTC warns wholesalers, retailers against price fixing

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By Gwendoline Mugauri

 

The Competition and Tarriff Commission (CTC) has urged players in the retail sector to guard against resultant anti-competitive effects following announcements of recommended maximum wholesale and retail price of goods to protect consumers from price hikes.  

In a statement released yesterday the Competition and Tariff Commission said historically, they have observed that whenever a recommended maximum price is announced, retailers and wholesalers have a tendency of charging that maximum price under the guise of complying with the stipulation.

The Commission also expressed displeasure over the rampant unsupported price increases on goods and services equated to excessive competition law and policy.

The Commission therefore says excessive pricing is anti-competitive – as it rules out the setting of prices according to cognizable competition considerations - and players who fail to comply will face the full wrath of the law. 

There as been a steady increase of commodities since September, in the country’s leading retail outlets with players in the sector attributing the surge to foreign currency shortages.

While officially opening the Zimbabwe National Chamber of Commerce (ZNCC) Business Review Conference 2017, Industry, Commerce and Enterprise Development Minister Dr Mike Bimha further warned retailers saying government would institute stiffer measures to ensure adherence. 

President Emmerson Mnangagwa equally warned retailers against wanton price hikes while speaking on various platforms, but ruled the need to institute a legislation on commodity pricing.

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