Friday , October 20 2017

Unified pricing eyed across GCC on some commodities

Panel to guard against Ramadan price rise

KUWAIT CITY, May 6: Ministry of Commerce and Industry has issued a ministerial decision to specify 120 commodities to be included for unified prices across the GCC countries, revealing that these commodities are food and non-food items as well as kids items, reports Al-Seyassah daily quoting an informed source. He explained that these commodities include oil, rice, chicken, detergents, tissue paper, sugar, tea, and dairy products.

The ministry has also specified maximum prices for some consumer goods that are not subsidized such as potatoes, distilled water, eggs, milk products, cheese, detergents and vegetable oil. The source affirmed that this step was taken to reduce the burden that consumers face due to some greedy traders who only care about making quick profits. He revealed that the ministry has set up a committee to deal with the phenomenon of hike in the prices of commodities during the month of Ramadan, adding that the committee will present recommendations to the concerned department to enable price control and thwart possible plan of some traders to manipulate prices. The source stressed that the ministry will use this method to discourage artificial increase in prices for some food items.

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