Business | Markets

Basic commodities to carry 'fixed price' labels

The Ministry of Economy (MoE) on Wednesday said it will identify all basic commodities subject to 2007 price-fixing agreements with the label 'Fixed Price 2008'.

  • Staff Report
  • Published: 00:04 June 19, 2008
  • Gulf News

Abu Dhabi: The Ministry of Economy (MoE) on Wednesday said it will identify all basic commodities subject to 2007 price-fixing agreements with the label 'Fixed Price 2008'.

The ministry has signed a series of memorandums of understanding (MoUs) with some cooperative societies, Carrefour and LuLu Hypermarket to stabilise prices of basic products.

"The branding should assist consumers in identifying the commodities subject to the agreements," said Mohammad Ahmad Bin Abdul Aziz Al Shehhi, MoE undersecretary.

"The ministry intends to expand the scope of these MoUs to include the majority of major retailers.

"We ask retailers to use the opportunity offered through the cancellation of agencies for 15 basic commodities by importing directly without any restrictions," Al Shehhi said.

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