Minister of Commerce and Industry Fahad Al-Shariaan said the ministry anticipates increase in commodity prices, especially due to the ongoing Russian-Ukrainian crisis and the recent decision taken by the Republic of India to ban wheat exports.
Al-Shariaan told a local Arabic daily that India is the second largest wheat exporter in the world, and that during the last stage, the necessary studies were developed to address the global crisis and find solutions to confront such an issue, through the formation of the necessary committees in the Ministry of Commerce, especially the business and consumer protection control sector.
Al-Shariaan added, “After all that was mentioned, we have completed the necessary preparations for this global crisis, which we hope will not prolong.”
For his part, a source in the Ministry of Commerce and Industry confirmed facing the lack of some food products, especially wheat, requires an increase in the budget of state-supported goods, which will give relief in not jumping prices due to the global crisis.
The source indicated that the Cabinet and the relevant committees will discuss during the next few days some steps taken by the Ministry of Commerce regarding the strategic stockpile, which will cover 8 to 10 months, as well as some aspects related to import of wheat from India.
