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MoCI outrightly rejects any hike in commodity prices
August 3, 2016, 8:41 am

Ministry of Commerce and Industry indicated outright rejection of any increase in prices of commodities subsequent to the decision of the Council of Ministers Monday to increase fuel (gasoline) prices at the beginning of September.

At a press conference, Eid Al-Rushaid—Assistant Undersecretary for Commercial Monitoring and Consumer Protection Affairs in the ministry warned against any increase in prices, indicating such a step will be considered as artificial hike if not approved by the ministry.

He affirmed that inspectors from the ministry will monitor the markets throughout the week, including holidays, and refer violators to Commercial Prosecution as per directives and instructions from the Minister of Commerce and Industry Dr Yusuf Al-Ali to follow up prices of commodities.

Al Rushaid reiterated an increase in fuel prices does affect all commodities, indicating its effect is limited to few commodities. He noted companies whose services are affected by the decision should visit the ministry to justify prices increase. He called on consumers to cooperate with the ministry by calling hotline (135) in the event of prices hike.

Source: Arab Times

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