The Ministry of Economy, which is involved in a drive to prevent sharp rises in consumer prices, has also told all cooperative societies and other dealers to ensure all consumer products are available in sufficient quantities for Ramada, which is expected in the second half of July this year.
“A large number of suppliers of consumer items have already agreed with cooperative societies and other shopping outlets on massive price discounts during Ramadan reaching 20 to 30 per cent,” said Hashid Al Nuaimi, director of the consumer protection division at the Ministry.
“There is also an agreement that all consumer items will be available in large quantities through Ramadan…there will be no shortage in any item.”
Nuaimi revealed that the Ministry has considered fresh requests by suppliers to raise their prices, mainly those of dairy products, but added that it has rejected them on the grounds there is no reason for that increase.
He said the Ministry takes into consideration eight factors when deciding on price increases, including inflation, currency rates, prices in neighbouring countries, and the prices of products and services in comparative periods.
“The final decision, however, is based on the fact that there must be no harmful effects on the consumers,” he told the semi official daily Alittihad.
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