MP Al-Monis Outlines Proposal for Price Regulation and Oversight

This news has been read 578 times!

KUWAIT CITY, Nov 18: MP Khaled Al-Monis is urging the government to address the issue of escalating prices and strengthen market oversight, particularly during upcoming periods when traders might employ unfair tactics to exploit financial gains at the expense of citizens.

Al-Monis underscores the significance of the government considering his proposal to amend the decree overseeing the trade of artisanal goods and services, with a specific focus on regulating their prices.

The proposed solution, as outlined by Al-Monis, involves the establishment of a committee overseen by the Minister of Commerce. This committee would be tasked with setting prices for all imported goods across various retail outlets, companies, and commercial establishments. The suggested pricing structure would align with the original invoice of the product, incorporating a specific and reasonable profit margin in addition to the base price.

Al-Monis emphasizes the need for the Minister to develop a dedicated electronic platform to display all sold goods, ensuring continuous updates. Merchants found violating the law by selling items at prices exceeding those set by the Ministry would face penalties, including imprisonment for a period ranging from three months to three years, along with fines ranging from two thousand to ten thousand dinars. Additionally, the possibility of shop closure and license cancellation remains contingent on the application of one of these two penalties.

On a different note, Representative Ahmed Lari, a member of the Undetermined Nationality Committee, along with his colleague Representative Hani Shams, aims to gather signatures from 33 representatives to prioritize the inclusion of the Civil and Social Rights Law for individuals with undetermined nationality in the Council’s upcoming agenda. They seek approval through collaboration with members from both authorities.

This news has been read 578 times!