ISLAMABAD – Reliance Paints, and Pakistan Steel Mills have paid Rs 27 million in penalties over violations.
Competition Commission of Pakistan (CCP) slapped the fine by freezing bank accounts of these two entities to uphold competition laws and ensure fairness across various sectors.
The commission collected Rs 69 million in fines, marking 25 percent of its total fines since its establishment in 2007. Overall, the commission has recovered Rs 269 million in fines to date.
The penalty against Reliance Paints stemmed from a complaint by Akzo Nobel Pakistan Limited, which accused Reliance of price-fixing and penalizing dealers who did not follow these fixed prices. It turned out that these practices were hindering competition both among dealers and between Reliance and its rivals.
Commission initially fined Reliance Paints Rs 5 million, but this was reduced to Rs 2.5 million by the Competition Appellate Tribunal, which still upheld the CCP’s findings.
Pakistan Steel Mills (PSM) also paid Rs 25 million fine for abusing its dominant position in the low-carbon steel market. An inquiry revealed that PSM restricted access to specific grades of steel billets and unfairly favored certain buyers while denying others, distorting market competition where PSM holds a dominant position.
