Kuwait to launch electronic price monitoring system to tackle artificial hikes

Dubai: Kuwait's Ministry of Commerce and Industry is set to launch a fully electronic price monitoring system for this year, aiming to curb artificial price hikes and enhance transparency in commodity pricing across markets.

The system, which will track the prices of basic and secondary commodities, will allow consumers and ministry inspectors to monitor price fluctuations in real time. 

It will also provide a comprehensive database of commodity prices across different points of sale, enabling consumers to compare prices and identify discrepancies.

To ensure price accuracy, cooperative societies will be responsible for entering and updating price data, which will then be audited and monitored by the Ministry. 

The system will consider global market fluctuations and supply-and-demand dynamics in verifying price changes.

The Ministry has set March 6 as the final date for submitting bids for the system’s development, with an initial bid guarantee of approximately 2 per cent of the bid value, which must remain valid throughout the bidding process.