‘Price platform’ launched to monitor daily prices, tackle manipulation
The new platform, which includes 70 associations, enables price monitors to update prices daily for items such as consumer goods, vegetables, and fruits.
• The goal of the ‘price platform’ is to control prices and inform consumers about the availability and prices of all products before they visit the association, said Musab Al-Mulla, President of the Federation of Consumer Cooperative Societies.
Musab Al-Mulla, President of the Federation of Consumer Cooperative Societies, announced the launch of a new ‘price platform’ involving 70 associations. This platform allows price monitors to update item prices daily, including consumer goods, vegetables, and fruits, to control prices and reduce manipulation, according to Al Rai newspaper.
He added during his speech on the financial and business program on the ‘Al-Akhbar Channel’ that the goal of this platform is to control prices and inform consumers about the availability and prices of all products before they visit the association.
He explained that the platform will be monitored by the Union of Associations, the Ministry of Affairs, and the Ministry of Industry and Commerce, with which coordination has been established on this matter.
Al-Mulla stressed that the Union of Associations serves as the first line of defense between associations and all state institutions and individuals on a daily basis.
He added that cooperative societies are a key part of Kuwaiti culture and an essential element for every home. Since their establishment, their goal has been to provide goods at the lowest prices and highest quality, and they are always the first to take the initiative in serving the community.
Regarding the project to fill supervisory positions in cooperative societies, he said that they are working according to a timetable. All associations have submitted their vacancies, and a complete plan is in place to fill non-supervisory positions as well, providing opportunities for Kuwaitis to work soon.
He noted that there are 75 cooperative societies in Kuwait and eight parallel markets.
Cooperative societies dominate about 75 percent of the retail trade in Kuwait. He also mentioned that there are 493,000 shareholders in these societies, with total annual sales approaching one billion dinars.
