Undue price rise during Ramadan is unacceptable

With Ramadan nearly upon us, it is noticeable that some retailers are already increasing their prices for all sorts of commodities. As always, it is difficult to determine whether the increases are the consequence of the escalating costs of raw materials and foodstuffs, combined with fuel surcharges, or if traders are looking for an excuse - Ramadan - to put their prices up, in common with previous years. With the average shopper not knowing the reason behind price increases, it becomes very easy for traders to take advantage of shoppers at this time.

In an endeavour to counter the seemingly annual trend by merchants to put up their prices, the Ministry of Economy has warned retailers that any undue rises imposed upon the public by traders will result in investigation by the ministry and, if deemed unreasonable, be subject to penalty, the ultimate consequence of which could be the foreclosure of the business. The ministry has in previous years warned retailers against exploitation of their customers, but with so many traders and so few ministry staff to check commodity prices, it has proven difficult to ensure an effective control over the market. Which is why this year the ministry is calling upon members of the public to report any instances where they believe they are being unreasonably charged for items that only shortly before were showing a much reduced price.

Of course, it is true that the UAE believes that market forces should prevail, but sadly many merchants are known to take matters into their own hands and endeavour to reap extra profits while there are shortages of supply or the demand is particularly high, such as during Ramadan. Such practices make it very hard for ministry staff to monitor effectively, and also create a bad name for honest traders in the country.