KUWAIT CITY, Sept 19: Informed sources disclosed that the State Audit Bureau has asked Kuwait Flour Mills (KFM) to raise the prices of its products to international standards, reports Al-Rai daily.
However, the Minister of Commerce and Industry Dr Yusuf Al-Ali is said to have declined any step to amend the prices and asked the company to keep the prices as they are.
It is noteworthy Kuwait Flour Mills offers 50 main food commodities including flour, wheat, bread, oil and pasta, in addition to the animal feed — given that livestock is an element of food security.
State Audit Bureau said Kuwait Flour Mills receives KD 27 million in government subsidy to maintain the current prices, and raising the prices of its products will help government to streamline expenditure.
In reply to the State Audit Bureau, Kuwait Flour Mills was quoted as saying it’s 100 percent a public sector company; thus it has no independent policy aside from the State policy, while the Minister of Commerce and Industry in a recent discussion disapproved of any step to raise prices of its commodities.