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Panel okayed hike in prices of 603 types of commodities from 21 May ’15 to 12 Aug ’16
August 14, 2016, 9:17 am

Head of Prices Committee and Head of Public Relations and Information Committee in the Cooperative Societies Union Sami Al-Menaikh says the Price Committee had approved to increase the prices of 603 types of commodities from May 21, 2015 to Aug 12, 2016, reports Aljarida daily.

He said the rate of increase in prices were between two and five percent and these low rates reflect the fact that the board of the union takes into consideration the situation of citizens and expatriates and tries to avoid increasing their financial burdens.

Al-Menaikh revealed that no requests have yet been received from companies for increasing commodity prices due to the decision to increase fuel prices, which will be enforced from beginning of September, indicating that the pending requests are old ones and have nothing to do with the decision to increase fuel prices.

He affirmed that the union has been making field visits to ensure the cooperative societies abide by the specified prices, adding that reports of the field visits are prepared and referred to Ministry of Social Affairs and Labor so that relevant actions can be taken against the violating cooperative societies. Al-Menaikh stressed the need for giving more authorities to the inspectors of the union in order to enable them to practice their mission better.

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