The Supreme Committee for Consumer Protection, chaired by Economy Minister Abdullah Bin Tuq Al Marri, held a meeting on Sunday, during which it discussed its comprehensive strategy for the upcoming stage with regard to strengthening the consumer protection system, raising consumer awareness and improving the effectiveness of market control mechanisms in the country.
The Committee reviewed the pricing policy for basic consumer goods in the country, which was developed by the Ministry of Economy in cooperation with its partners from interested federal and local authorities and the private sector.
The policy is based on the approval of free prices in accordance with the principles of supply and demand and in such a way as to ensure the balance and stability of prices through the principle of competition and market mechanisms.
This rule excludes a group of consumer goods related to the basic needs of citizens and residents, for which merchants are required to obtain prior approval from the Ministry of Economy before applying any price increases.
These products include vegetable oil, eggs, fresh milk, rice, sugar, fresh chicken, legumes, bread, flour and cleaning products.
The maximum profit margin for each product will be determined for suppliers or traders.
In this regard, the committee recommended the formation of a group of member organizations to consider and take decisions on requests for commodity price increases and submit regular reports to the committee.
The meeting also discussed a number of new policies and procedures in this regard, including pricing policy for consumer goods, regulation of contractual relations between distributors and retail outlets and the development of a product recall mechanism.
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