Traders can no longer hike prices without permission: watchdog

Traders who want to increase prices on products must first seek permission from the consumer watchdog, according to a new decree.

The new ruling is now active, according to the Public Authority for Consumer Protection. 

His Excellency Dr. Saeed Bin Khamis Al Kaabi, Chairman of the Consumer Protection Authority, recently issued the decree on the determination of fees for requests for the raising of prices of goods and services in order to regulate suppliers raising prices.

In order to increase the price of a product, the supplier must register and request to raise the price, the watchdog has announced.

“The decision was made at this time to put an end to the increasing prices, which has been regulated with only 50 items maximum. This will put a stop to companies that tend to raise prices to a much higher number. It will also regulate companies to provide justification for the raise in price, accompanied by reliable official documents, to limit the increasing demands without justification,” Omar bin Faisal Al Jahdhami, Vice President of Consumer Services and Market Watch, said.

Al Jahdhami also stated that the determination of fees has been very supportive for small and medium-sized national enterprises so that they are not compared to large enterprises in the fees levied on them.

“It is fair to identify a common ground in serving both the consumer and supplier,” Al Jahdhami added.

Source: Timesofoman