Yesterday, the Ministry of Economy announced the launch of policies for pricing basic consumer goods in the country, the most prominent of which includes implementing a ban on increasing the prices of basic consumer goods, which include nine major commodities, except with official approvals from the ministry.
The Ministry indicated in press statements on the sidelines of a media briefing held yesterday at its headquarters in Dubai that the policies included three ministerial decisions that will be implemented as of January 2 of next year, 2025.
She explained that the decisions include forming a team to monitor the prices of basic foodstuffs, which is responsible for reviewing the back-end and front-end profit margins for basic commodities, and studying price increase requests and consumer complaints. The decisions also included launching a guide to regulate the relationship between commodity providers and retail outlets, and obliging sales outlets to transparently clarify commodity prices. Pointing out that decisions to control the prices of basic consumer goods do not mean leaving room for other goods to be exposed to price increases, as any price exaggerations or practices that violate competition and anti-monopoly laws will be addressed.
In detail, the Undersecretary of the Ministry of Economy, Abdullah Al Saleh, said, “The Ministry has launched new regulatory policies for the pricing of basic consumer goods in the markets, aiming to enhance consumer protection, ensure market stability, and regulate the relationship between concerned parties in the state’s markets, and these decisions will begin to be implemented as of The second of next January.”
He explained that “the new ministerial decisions come as a continuation of previous legislative efforts, and include a ban on imposing any price increases on basic consumer goods without obtaining prior approval from the ministry,” noting that “the policy identified nine basic consumer goods, including cooking oil, eggs, dairy, rice, sugar, and poultry.” Legumes, bread, and wheat. These commodities include some associated sub-commodities, in addition to the prices of household cleaners, so that their prices cannot be increased except with prior approval from the Ministry, while the rest of the commodities and products are subject to In the state’s markets, there are rules of competition in supply and demand and market mechanisms.”
Al Saleh pointed out that “Ministerial Resolution No. (246) of 2024 regarding monitoring the prices of basic consumer goods, which prohibits imposing any increases on them, also includes monitoring price movement in coordination between the ministry, economic development departments and the competent authorities, and forming a team to monitor prices on the ground, with Determine a time period of no less than 6 months between any increase and another, in accordance with the established justifications and conditions. The decision also grants the right to consumers, suppliers, and retailers to submit complaints about any violation, and the decision grants the Supreme Committee for Consumer Protection the power to recommend the initiation of investigation procedures into actions that violate the provisions of this decision, based on a request from the ministry or the competent authority.
He added, “The Ministry also issued Resolution No. (245) of 2024 regarding the unit price of some consumer goods, to regulate the display of unit prices for consumer goods, ensure the transparency of the prices of selling goods to the consumer, and provide accurate information to help them rationalize consumption, make the best choice among alternatives, and ensure fair competition.” between commodities, based on the unit price, and not only on the prices of the total offers that are currently placed in the markets.”
Al Saleh explained, “The decision requires retail stores to display unit prices clearly and legibly, using unified units of measurement for each commodity. The decision also gave the ministry and the competent authorities the right to monitor the commitment of retail stores and the digital merchant to the unit price. It also gave the consumer the right to file a complaint against the retail stores and the digital merchant if they violate the provisions of this decision.
He pointed out that “the new regulatory policies also include Resolution No. (247) of 2024, which includes launching a guiding code of conduct in the consumer goods sector. The decision aims to regulate the contractual relationship between suppliers and retailers, as the code represents a vital tool to ensure the success of the commodity pricing policy.” “Basic consumer goods within the framework of principles and guidelines that must be followed by providers, retailers and consumers.”
Al Saleh said, “The new regulatory policies will include large retail outlets with an area of more than 1,000 square meters, and electronic merchant platforms,” pointing out that “decisions to control the prices of basic consumer goods do not mean leaving room for other goods to be exposed to price increases, as any exaggerations will be addressed.” Pricing or practices that violate competition and anti-monopoly laws, such as intentionally concealing goods or creating a cartel with the aim of increasing prices.
Basic commodities
1- Dairy: This includes fresh, whole milk, powdered milk, and yogurt.
2- Rice: This includes basmati rice.
3- Sugar: This includes pure white sugar grains.
4- Chicken: This includes fresh whole chicken.
5- Wheat: This includes flour from the first and second toasts.
6- Legumes: dry and canned, including red and green lentils, white chickpeas, beans, and beans.
7- Cooking oil: This includes sunflower oil, canola oil, and corn oil.
8- Eggs: This includes white eggs of all sizes and brown eggs of all sizes, except for organic and free-range eggs.
9- Bread: This includes slices of white bread.
3 ministerial decisions
1- Form a team to monitor basic food prices and review profit margins.
2- Displaying the unit prices of consumer goods, and highlighting the unit prices in a clear and legible manner.
3- Launching a guiding code of conduct in the consumer goods sector, for the purpose of regulating the contractual relationship between suppliers and retailers.
Abdullah Al Saleh:
. Monitoring commodity prices does not mean leaving room for other commodities to be exposed to price increases.
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