PRICE OF COOKING OIL TO INCREASE IN COMING MONTHS The country’s consumer watchdog, the Independent Consumer and Competitions Commission (ICCC) is warning consumers to brace for an increase in the price of vegetable cooking oil. The ICCC has made it clear that the increase is solely due to international price increases in vegetable oils, which the ICCC Commissioner and Chief Executive Officer (CEO) Mr. Paulus Ain further elaborated that the looming price increase is attributed to the diminishing supply of palm oil from Southeast Asia, coupled with surges in global demand. The Food and Agriculture Organization (FAO) also showed this expected rise in price when it indicated vegetable oil prices have risen in the final quarter of 2024, following a period of decline since peaking in March 2022. “PNG consumers will see increased vegetable oil prices in the coming months,” Mr. Ain said. “A number of traders have been approaching the ICCC to increase the prices for vegetable oil recently. We thank these traders for their initiative and cooperation and also encourage other traders to do the same.” The ICCC has been also closely monitoring the prices of key food items, to ensure that there are not any deceptive or unfair pricing practices during the post pandemic period. Meantime, Mr. Ain further urged the business houses to comply with the current Price Control Measure (Measure No. 4) being implemented by the ICCC under the National Pandemic Act. “Business houses must seek the ICCC’s approval should they wish to increase the prices of goods sold. Mr. Ain also warned and stressed that necessary actions will be taken against non- compliant shops if they fail to comply with the requirements of Measure No.4.