Business | Economy
Ministry to keep close watch on rising prices
The Ministry of Economy on Tuesday penalised about 41 retail outlets for exploiting consumers by increasing prices during Ramadan.
- By Ahmed A. Elewa, Staff Reporter
- Published: 23:09 October 2, 2007
- Image Credit:
Abu Dhabi: The Ministry of Economy yesterday penalised about 41 retail outlets for exploiting consumers by increasing prices during Ramadan.
Click here to see the prices of selected commodities (pdf)
The ministry warned all suppliers, distributors, wholesalers and retailers against manipulating prices of their goods and services.
"The ministry is closely monitoring the markets, and is carrying out continuous inspection assignments in coordination with the local authorities in every emirate of the federation," explained Humaid Bin Butti, the assistant undersecretary at the Ministry.
Most of the penalised retailers were manipulating the prices of foodstuffs, while the ministry maintains that all retailers are obliged to display the prices of the goods clearly in Arabic in accordance with the Consumer Protection Law number 24 for 2006, and its executive bill.
The statement stipulates that all distributors, merchants and retailers are obliged to comply rather than facing the serious consequences of exploiting the consumer.
"We will not tolerate any such practices, and the ministry will apply the most severe disciplinary measures according to the law, including the closure of the violating establishment and referring it to the concerned court," Bin Butti warned.
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