Over 30 major companies seek 5 to 10 pct price raise for foodstuffs

Login   |  Register Now

Follow us with

Over 30 major companies seek 5 to 10 pct price raise for foodstuffs

Posted on : Wednesday 23rd of May 2018

KUWAIT CITY : More than 30 major foodstuff supply companies have submitted a request to the food pricing committee to raise the prices of some foodstuffs ranging between five and 10 percent, reports Al-Rai daily quoting reliable sources.

The pricing committee includes members from the ministries of Social Affairs and Labor, Commerce and Industry and the Union of Consumer Co-operative Societies.

The task of the committee is to monitor the co-ops and to ensure they adhere to the prices drawn by the committee to ensure stability of the prices in the market.

However, the committee is entitled to approve the increase not more than five percent. If the increase exceeds more than five percent, the issue shall be referred to the Higher Pricing Committee, headed by the Assistant Undersecretary for Consumer Protection and Trade Control at the Ministry of Commerce and Industry.

Sources pointed out the companies which seek to raise the prices of consumer products have cited legal and financial justifications, most notably the changes in the pricing of their goods which came from the main supplier.

The sources said the Committee had stopped considering any proposed increase until after Ramadan, even if they were due, in an effort to maintain its market budget, which does not allow any increase in the price of goods during this particular month or prior to it.

The sources pointed out the postponement to the proposed increases by companies do not mean rejection, but everything will be taken into consideration and will be subjected to study before taking any final decision.

Courtesy : Arab Times

Disclaimer: The contents or any information provided here is strictly personal and way4indians.com does not hold any responsibility or liability on them. We shall endeavor to upload/publish as many of the comments that are submitted as possible within a reasonable span of time, but we do not guarantee that all comments that are submitted will be uploaded/published. Messages that harass, abuse or threaten other members; have obscene, unlawful, defamatory, libelous, hateful, or otherwise objectionable content; or have spam, commercial or advertising content or links are liable to be removed by the editors. We also reserve the right to edit the comments that do get published. Please do not post any private information unless you want it to be available publicly.

More Articles

Garbage, waste items litter many areas..

A number of residents of Abu Halifa expressed concern about the bad condition of the streets in the area as well as t...

PM to inaugurate Indian Science Con..

Prime Minister Narendra Modi will inaugurate the Indian Science Congress at Jaland...

MoH obtains approval to extend the ..

The Ministry of Health has obtained approval from supervisory authorities to exten...

CSC examines university degrees of all..

The Civil Service Commission (CSC), in cooperation with the Ministry of Higher Education, has formed a team to run a ...

Legendary filmmaker Mrinal Sen passes ..

One of the most prolific filmmakers in the country and the pioneer of new wave cinema in India, Mrinal Sen passed awa...

Happy Holidays: Google wishes the w..

Keeping up with the festive spirit, Google on Tuesday came out with a colourful Ch...

Labor department to directly issue wor..

The Public Authority for Manpower (PAM) issued an administrative circular which allows labor departments to directly ...

MoE finalizing list of expat workers t..

The Administrative Sector at the Ministry of Education is finalizing the list of expatriate employees whose service w...

819 cameras to monitor flow of traf..

Sicora, a company specialized in video monitoring systems, has provided Kuwait wit...

Leadership must own up to defeat al..

"Success has many fathers but failure is an orphan, as when there is success,...

‘I’ll definitely contest in the..

Actor-turned-politician Kamal Haasan, who founded his own party Makkal Needhi Maia...

His Highness Crown Prince attends Jana..

Representing His Highness the Amir Sheikh Sabah Al-Ahmad Al- Jaber Al-Sabah, His Highness the Crown Prince Sheikh Naw...

Advertisements

Copyright © 2012-2019, All rights Reserved   |  www.way4indians.com  |  This Logo is a trademark of Way4Indians. For Enquires, please contact : info@way4indians.com