A spokesman for the UAE's Ministry of Economy has said that prices will be closely monitored during Ramadan, as they are throughout the year, to ensure that prices remain competitive. Fines will also be issued if a large disparity in prices of the same item is found in different retailers.
Dr Hashim Al Nuaimi, director of the Consumer Protection Directorate at the ministry said “The UAE operates on a free market model, but many retailers choose to lock their prices throughout the year,” he added.
The Abu Dhabi Co-Operative society is one of many outlets that has many staple items’ prices ‘locked’ throughout the year.
“We keep a close eye on the basics, including oil, bread, flour, sugar, chicken, meats, fruits and vegetables. However, because distributors for meat and vegetables are few, if there is a change in selling price for those items, we contact distributors — not retailers,” he added.
The ministry has a team of inspectors who make random visits to supermarkets and hypermarkets across the capital. “Fines for violations can reach up to Dh100,000 and may lead to closure of the outlet if the offence is repeated,” Al Nuaimi revealed.
(1 United Arab Emirates Dirham=0.27 USD)
Source: gulfnews.com
