ISLAMABAD: The Competition Commission of Pakistan (CCP) has asked the Pakistan Bureau of Statistics (PBS) to share data of 10-15 major sectors and around 50 essential commodities and their prices to check market abuses, trends, collusive behaviour, and cartilization.
For the first time, the CCP will effectively utilise the pricing data maintained by the PBS for checking market trends, anti-competitive practices and cartelization in the market.
The data from 2010 onwards would practically help the CCP to see insight trends in the market, anti-competitive behaviour and possible collusive practices in different sectors of the economy.
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In this regard, CCP Chairman Dr Kabir Ahmed Sidhu, accompanied by Member MIU Saeed Ahmad Nawaz and DG Admin Dr Ikramul Haq paid a visit to the PBS. DrNaeem Uz Zafar, Chief Statistician, and Muhammad Sarwar Gonghal, Member PBS received the CCP delegation.
They discussed the prospects of mutual collaboration for sharing of market data including commodities prices to gain market insight.
The new Market Intelligence Unit (MIU) - a new department for market surveillance to curb market abuse, collusion and cartels, would utilize the said data of the PBS.
The objective of the MIU is to create advanced technological and data analytical capabilities to assess the market data to identify collusive practices. It is a transition from the previous approach of reactive enforcement to proactive enforcement.
The CCP has already signed MoU with the Urban Unit in Punjab. The CCP will also be obtaining data on all essential commodities from the PBS. It will also obtain data in all essential products, various sectors of the economy to identify collusive practices and cartels. The collusions and cartels drive the prices up in the economy maximising their profit at the expense of poor nation.
In line with the international approach, MIU will gather economic data. It will monitor various sectors and industries through market surveys and consumer feedback.
The Market Intelligence Unit will monitor the supply and demand side to identify distortions in natural equilibrium. It will use various software, tools, econometrics models and price movement analysis to curb market abuse, collusion, and cartels in the economy.
Copyright Business Recorder, 2024