ISLAMABAD, February 24: The artificial increase in the price of goods and services in Pakistan, and lack of quality goods, is largely the result of business cartelization in the markets. Cartels are formed when suppliers in a market coordinate or enter into agreements to fix prices for goods and services and control the supply, all for unjustifiable gains and illicit profit, which is an illegal practice.
To ensure the provision of better-quality goods and services at fair prices to consumers, it is essential that all suppliers in the market compete with each other by offering better services and products at better prices, rather than colluding to fix prices. Engaging in agreements or understandings to control prices or supply of goods and services for unjustifiable profits is a serious crime under the Competition Act 2010.
The Competition Commission of Pakistan (CCP) has called for cooperation from the public in general and the concerned stakeholders in particular to take strict action against such illegal business nexus and cartels and to report any such act. If any individual is aware that a business association or product suppliers have colluded to fix prices or control supply, he is urged to immediately report such information to the CCP. Those who provide information and evidence regarding such illegal cartels will be rewarded with amounts ranging from Rs. 200,000 to Rs. 2,000,000. It is important to note that the identity of the informant will remain confidential.
This initiative by CCP aims to promote public participation in eliminating illegal business practices. The scheme not only provides a legal avenue but also encourages the public to be part of protecting the country’s economy and their economic rights. The CCP’s mandate is to promote fair competition in the economy, ensuring that every Pakistani has access to quality goods and services at fair prices. Let us work together to identify these bad actors and support CCP in protecting consumer rights and promoting a transparent business environment.
Contact: You can reach CCP through phone, email, or their website to report cartel activities. If your information is verified, you will not only receive a reward but also be recognized as a national hero.
