Money Markets
Fresh push to protect consumers against spiralling costs of goods
Prices of good have continued to rise sharply as manufacturers cite high costs of production and transportation. Photo/FILE
Posted Wednesday, November 4 2009 at 00:00
If passed, it will establish a Competition Tribunal to replace the existing the Restrictive Trade Practices Tribunal.
The Bill seeks to protect consumer welfare by guarding consumers from goods of inferior standards being passed as quality goods.
Inferior quality
It says that manufacturers or distributors would be committing an offence if they sold goods that are falsely labelled as of a particular standard or quality while they are of poor or inferior quality.
The law will also prohibit dominant companies from abusing their positions by exploiting consumers through price increases or the supply of sub-standard products.
“Abuse of a dominant position includes directly or indirectly imposing unfair purchase or selling prices or other unfair trading conditions, limiting or restricting production, market, outlets or market access, investment, distribution, technical development or technological progress through predatory or other practices” says the Bill.
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