Kuwait Times
KUWAIT: The Commerce and Industry Ministry called for a five-party meeting to discuss the commerce ministry’s decision to freeze prices of products, services and handiworks. The bodies invited to the meetings are the Social Affairs Ministry, Kuwait Chamber of Commerce and Industry, Kuwait Union of Consumer Co-operative Societies and the Kuwait Union of Foodstuff Manufacturers
Sources said the commerce ministry work on presenting the decision to freeze prices and discuss it with various parties to find the best means of its implementation, and explaining repercussions and circumstances related to its implementation. They said they will take the opportunity of having representatives of related parties during the fourth meeting of the members of the prices follow-up and supervision committee to discuss the decision and means of its implementation and its effects on businesses and consumers.
Sources said the commerce ministry will work on asking co-ops’ representatives to submit a report that includes a list of products that were approved for price hikes last year, reasons for the hike and their approval procedures in order to ask companies to reduce prices that were raised based on high oil prices during the past period. They said the co-ops union asked for the approval of several decisions during the meeting, including:
* Halt all applications to increase prices until an integrated study is completed to find whether the increases are warranted or not.
* Reduce prices of products that were increased due to the effects of a rise in oil prices.
* Authorize the union to decide on price increases by 5 percent or less.
* All applications to raise prices by companies to the union have to be studied, and a report submitted to the committee whether to approve or reject them. – Al-Qabas
The post Meeting to address prices freeze appeared first on Kuwait Times.
