The Independent Consumer and Competition Commission (“ICCC”) is a statutory body established under the provisions of the Independent Consumer and Competition Commission Act 2002 (“the ICCC Act”). The ICCC is vested with responsibilities under the ICCC Act to
Under the Prices Regulation Act (Chapter 320) (“PR Act”), the ICCC amongst others is responsible for the regulation of prices for certain oil based refined petroleum products. These refined petroleum products are Petrol, Diesel, Kerosene and Jet A1. The current regulatory and price setting arrangements for petroleum products commenced on 1st July, 2016, and will expire on 31st December, 2019. In view of the expiration of the previous regulatory period at the end of 2019, the ICCC in accordance with Section 25A (6) of the PR Act and Section 5 of the ICCC Act, is undertaking this review to determine whether or not the previous regulatory and price setting arrangements for the petroleum products should continue, and if so, the appropriate form of regulation to apply in this new regulatory period.
The ICCC has endeavoured to carry out this review in an open and transparent manner. To do this, the ICCC:
This Report contains the ICCC’s final determinations. It is based upon its analysis and assessment of the data and submissions received.