The Bureau of Price Monitoring and Consumer Affairs has issued a reminder to businesses about the serious consequences of not adhering to pricing regulations. Chief Executive Officer (CEO) Lissie Taura emphasized that the office is operating under the Bureau of Price Monitoring and Consumer Affairs Act Number 5 of 2023, which grants the authority to consult with businesses and enforce pricing decisions.

Taura clarified the penalties for businesses that fail to comply with the pricing rules: “If businesses don’t comply with the gazette requirements, the case will be forwarded to the Office of the Public Prosecutor. Penalties can include fines of up to 10 million Vatu or imprisonment.”

While acknowledging that many businesses may not fully understand the scope of the Bureau’s role, CEO Taura explained that the office does not engage in direct price control. Instead, its primary function is to monitor pricing, consult with businesses, and address concerns as needed.

“We are not directly controlling prices, but we monitor pricing, consult with businesses, and work towards solutions,” Taura said.

The Bureau has received numerous complaints about high prices in local shops, hotels, and real estate, particularly on the island of Efate. Over the past three weeks, the team has visited several businesses to review pricing and ensure fairness. “In general, prices in shops around Efate, including in Port Vila, are consistent. However, some shops have been found to have higher prices, with profit margins exceeding 50%, which we are addressing,” Taura reported.

CEO Taura also noted that businesses located outside the Central Business District (CBD) must ensure that their rental prices remain fair. “We are working with real estate agents and property valuers to assess the appropriate price range in these areas and establish fair rental prices,” she said.

Addressing concerns about high hotel prices outside of the CBD, Taura urged hotel owners to consider fairness in their pricing. “While we don’t directly control prices, we negotiate and work with relevant authorities to monitor and manage pricing issues,” she explained.

CEO Taura also reminded vendors selling local island food at markets on Efate to continue using scales for accurate measurements. “This semester, we will visit local markets with our scales, and it is up to the market committees to encourage their use,” she stated.

The Bureau will continue to monitor pricing requirements across Efate, ensuring businesses comply with the necessary regulations.