A decision is expected to be issued soon for the gradual liberalization of commodity prices, especially in cooperative societies.
Reliable sources told a local Arabic daily this came after a number of local companies, suppliers and manufacturers submitted to the Minister of Commerce and Industry and Minister of Social Affairs and Community Development Fahd Al-Shariaan regarding the consequences of the resolution that was issued in this regard concerning good imported from abroad, in addition to the significant increase in freight and transportation prices.
The sources confirmed that canceling the price fixing decision, if taken, will not be open, as the expected increase will range between 20 to 30 percent, with obligating suppliers to provide reasons and justifications for raising prices. Also, working teams and committees will be formed to monitor the new prices and penalize every supplier who tries to raise their products excessively.
On the other hand, the sources reported that the prices of basic commodities in the supply branches will not change, regardless of the increase in inflation rates locally and globally, given that the government is a guarantor of the prices of basic commodities and pays the differences on behalf of the citizens and those entitled to subsidized government supplies.
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