Retailers slam UAE food price cap
A move by the UAE government to set maximum retail prices for essential goods will adversely affect market supply, retailers said on Saturday.
The Ministry of Economy has issued retailers with a list of maximum prices for goods including eggs, basmati rice, chicken and drinking water, prompting concerns over quality as well as supply, reported UAE daily Gulf News.
Businesses found setting prices above the prescribed limit will be fined 10,000 dirhams ($2,724), with hoarders fined 20,000 dirhams.
The move has been broadly welcomed by consumers, however retailers said they would be forced to stop stocking most of the items listed if the rule was strictly enforced, Gulf News reported.
Leading food retailers are expected to meet ministry officials this week, the newspaper said. Source
The Ministry of Economy has issued retailers with a list of maximum prices for goods including eggs, basmati rice, chicken and drinking water, prompting concerns over quality as well as supply, reported UAE daily Gulf News.
Businesses found setting prices above the prescribed limit will be fined 10,000 dirhams ($2,724), with hoarders fined 20,000 dirhams.
The move has been broadly welcomed by consumers, however retailers said they would be forced to stop stocking most of the items listed if the rule was strictly enforced, Gulf News reported.
Leading food retailers are expected to meet ministry officials this week, the newspaper said. Source
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