Friday , September 21 2018

No increase in prices after fuel hike: report – 5 pc rise in some items: official

KUWAIT CITY, Sept 29: Chairman of the Union of Consumer Cooperative Societies (UCCS) Dr Saad Al-Shabou affirmed that his meetings with the Minister of Commerce and Industry Yousef Al-Ali are part of the consistent coordination between the union and the ministry to monitor price increase in cooperative societies.

Dr Al-Shabou declared this following a recent meeting with the minister to deliberate on the latest developments concerning price monitoring and allotment of a clear plan to follow up prices such that nobody can increase it at will. He assured that no company has increased the prices of any good recently, indicating that the last price increase happened in May.

Dr Al-Shabou said he has clarified this aspect to the minister, who appreciates the role of the union in steady monitoring of prices and strongly working against its increase.

He emphasized that increasing the prices can only be allowed after thorough examination and study of requests by the concerned committees.

Dr Al-Shabou reiterated that increases already approved were not beyond 5 percent of the original value of the goods, adding that some requests were declined because they were more than 10 percent of the value.

By Fares Al-Abadan Al-Seyassah Staff

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