Parliament to debate retail price controls

A proposed amendment to anti-competitive laws will be submitted to Parliament next month.

The changes will include provisions on price controls for retailers.

Trade minister Høgni Hoydal says that since anti-competitive legislation was introduced in the Faroes, price controls of groceries have been carried out in accordance with general market conditions based on supply and demand.

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“The competition commission has been working to minimise anti-competitive practices such as price fixing, market sharing and abuse of market dominance,” he says.

“But we must acknowledge that in a small market economy like ours, it can be difficult to achieve active competition that ensures fair prices.”

A proposal to set up a dedicated price control authority was voted down in Parliament earlier this year.

It was, however, agreed that anti-competitive legislation should be updated, and this is something that the trade ministry is currently working on, says the minister.

Read the Faroese version of this article here.

More Faroese News in English.