Faroese parliament rejects price oversight body

The Faroese parliament has voted against establishing a dedicated price regulatory authority, public broadcaster KVF reports.

Instead, lawmakers approved expanded powers for the existing Competition Authority, including additional funding to conduct market analyses. The authority will now monitor pricing trends over time to assess potential anti-competitive effects, though officials noted such investigations often take years to yield clear conclusions.

Trade and Industry Minister Jacob Vestergaard defended the decision, stating the Competition Authority already has the legal tools to intervene if prices or profits appear unjustified. He added that the agency can demand explanatory statements from businesses and, if necessary, order investigations into suspected price manipulation.

Vestergaard argued the current system would prove more effective than creating a new oversight body.