JEDDAH: ARAB NEWS
Tuesday 17 July 2012
Last Update 17 July 2012 3:27 pm
Traders who increase prices of commodities including food from now through Ramadan will be punished.
The Ministry of Interior has asked the Ministry of Commerce and Industry to provide them with the names of traders who increase their prices, business daily Al-Eqtisadiah reported.
Regional branches of the Ministry of Commerce provide monthly reports detailing average prices of foodstuffs and commodities to the Ministry of Interior. A source confirmed a steady rise in prices and significant differences in the prices of certain commodities among shopping centers.
“We attribute price increases and price differences to the absence of close monitoring of the markets and insufficient penalties imposed on violating traders,” he added. All departments concerned are asked to monitor increases and report violators immediately.
The Commerce Ministry’s newly formed teams will also assist with monitoring and reporting.
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