Recently it has been advocated [A. G. Cohen and S. L. Glashow, Phys. Rev. Lett. 97, 021601 (2006)] that for describing nature within the minimal symmetry requirement, certain subgroups of the Lorentz group may play a fundamental role. One such group is $E(2)$ which induces a Lie algebraic noncommutative spacetime [M. M. Sheikh-Jabbari and A. Tureanu, Phys. Rev. Lett. 101, 261601 (2008); arXiv:0811.3670] where translation invariance is not fully maintained. We have constructed a consistent structure of noncommutative phase space for this system, and furthermore we have studied an appropriate point particle action on it. Interestingly, the Einstein dispersion relation ${p}^{2}={m}^{2}$ remains intact. The model is constructed by exploiting a dual canonical phase space following the scheme developed by us earlier [S. Ghosh and P. Pal, Phys. Rev. D 75, 105021 (2007)].