Sun | Sep 24, 2017

Establishing tough antitrust laws - Hyman to Government

Published:Wednesday | December 17, 2014 | 12:44 AM

Financial analyst, Ralston Hyman, says the Government needs to consider establishing tough antitrust laws to break up monopolies in vital industries.



Competition or antitrust laws promote or seek to maintain market competition by regulating anti-competitive conduct by companies.



Hyman's call coincides with concerns raised about the limited amount of savings from reduced oil prices being passed on to customers by petroleum marketing companies.



He says it is important to examine the number of monopolies in key sectors such as energy and poultry.



Hyman says such an examination should result in reforms that will help Jamaica develop a more competitive economy.



The financial analyst says the Energy Minister, Phillip Paulwell should consider how to strengthen the powers of the Fair Trading Commission to break up monopolies.



Paulwell has summoned petrol marketing companies to a meeting tomorrow over concerns local gas prices are not reflecting the massive fall in world prices.



As a result of the steep fall in oil prices over the past six months, the national refinery, Petrojam, has reduced the price of petrol sold to marketing companies by 25.6 per cent.



However, the Ministry says preliminary estimates indicate that despite the reduction in petrol prices to the marketing companies, the reduction at the pump ranges from 14 to 16 per cent.



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