Moci Rejects Request From Two Supply Companies To Raise The Price Of Subsidized Baby Milk Powder

The Ministry of Commerce and Industry has turned down a request from two supply companies to raise the price of subsidized baby milk powder sold for ration card holders by six percent, reports Al-Rai daily quoting reliable sources.

The ministry is said to have rejected the statement submitted by the two companies to justify the raise in price in principle saying it refuses any request to raise the price of any commodity during the month of Ramadan. The sources said this is contrary to the policy of consumer protection.

The sources called the increase in prices, particularly at this time, artificial and said suppliers take advantage because of high demand. The sources noted that the request of the two companies has been deferred until further study, especially since infant milk and nutrients are commodities subject to the provisions of the rules of rationing, and therefore no proposal for the re-pricing of any of its varieties could be dealt with in a traditional manner.

There are considerations in the assessment of such increases, especially as it will open the door for all other companies to benefit from the principle of reciprocity. Meanwhile, the total foreign exchange reserves of the Gulf countries by the end of the first quarter of this year was about 308.9 billion dollars, an increase of about $13.3 billion, compared to about $295.6 billion by the end of the fourth quarter of 2017.

 

SOURCE : ARABTIMES

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