Traders plan to sue govt in battle over price hike – ‘Increase long overdue’

Business Published on: 24 May, 2018 @ 7:39 AM
The local business community is considering entering into a legal battle with the state if it does not abandon the policy of interfering in setting prices and turns down any requests to increase prices for more than a year, reports Al-Rai daily quoting high-level commercial sources.

The sources said representatives from several big commercial groups have recently discussed the possibility of prosecuting the Ministry of Commerce and Industry and the Union of Consumer Cooperative Societies for refusing to allow them to increase the prices of many commodities for a long time although it is overdue.

The sources pointed the rejection of the increases in prices is not because of the fact that it is illogical and unworthy, but because of politicians who want to dominate the economic sector. The sources also pointed official channels will be opened with the authorities in an attempt to seek understanding on the importance of freeing the market from price restrictions, especially Kuwait’s economy is free and competitive.

Deputy Chairman of the Union of Consumer Cooperative Societies Ali Al-Kandari said there is no decision or tendency to approve requests for increase in prices from any company and no increase shall be made without the approval of the union which has all the information about the cost of all goods and products including freight, customs fees, and any other overheads.

He explained the union will meet after Ramadan to review the requests of companies that have requested to increase the prices and to review the justification of these requests, and whether they deserve to increase or not, in preparation for taking appropriate decisions.

News Source: Arab Times   


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