PFMA slapped with Rs75m fine for 'manipulating flour prices.

ISLAMABAD -- The Competition Commission of Pakistan (CCP) has imposed Rs75 million fine on the Pakistan Flour Mills Association (PFMA) for being involved in 'anticompetitive market practices'. According to a statement issued by the commission on Monday, 'PFMA violated Section 4 of the Competition Act, 2010, by 'fixing the price of wheat flour', providing a platform to share commercially sensitive information and fixing the quantities of production. ' Taking notice of various media reports that signalled towards an unusual price hike in the prices of wheat flour across the country, the CCP had carried out dawn raid of PFMA premises, the statement read. 'The inquiry in the matter concluded that PFMA is providing a platform to its members to settle wheat flour prices so that any form of competition could be avoided.

This is in violation of Section 4 of the Act. ' As per the details, a CCP bench, comprising its chairperson Vadiyya Khalil and members Dr Muhammad Saleem and Dr Shahzad Ansar, passed the abovementioned order after hearing the parties. In its order...