The Competition and Fair-Trading Commission (CFTC) says it is against the law for traders selling similar products to agree on prices of their goods.
This comes as the world was commemorating this year’s World Competition Day on 5th December under the theme “Role of Competition in Enhancing Economic Recovery”.
CFTC has been organising meetings with traders in Mwanza, Mzuzu, Nkhotakota, Mzimba and Mulanje districts to sensitize them on competition and consumer protection.
The Acting Director of Competition at CFTC, Fexter Katungwe, told traders in Nkhotakota district that agreeing on prices of any terms as traders or members of an association is against the Competition and Fair-Trading Act (CFTA).
“Whether you are selling meat, tomatoes or clothes, it is against the law to agree on prices. Actually, any category of agreements, decisions and concerted practices which may distort competition is a violation of the CFTA,” he said.
On the other hand, CFTC Chief Consumer Analyst Augustine Nyirenda’s remarks in a similar meeting in Mwanza district, highlighted that trader shouldn’t abuse their market powers by exploiting consumers through exorbitant prices or compromised quality of products.