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UAE Retailers Can’t Hike Prices During Ramadan Without Govt Approval – Minister

UAE Retailers Can’t Hike Prices During Ramadan Without Govt Approval – Minister

Suppliers need written consent from the ministry of economy to increase commodity prices.

Retailers in the UAE are not allowed to increase prices of essential consumer commodities during the holy month of Ramadan without written consent from the authorities, the Minister of Economy has said.

Even a “slight” hike in prices requires ministry approval, official news agency WAM quoted Sultan bin Saeed Al Mansouri as saying.

“The ministry will conduct inspection visits to the shops and restaurants throughout the holy month to ensure their compliance with laws and regulations pertaining to consumer protection,” he added.

Every year, retailers tend to hike the prices of basic commodities during Ramadan, with food prices in particular recording a weekly increase.

Officials have warned that violators will be severely punished this year, and will face fines ranging from Dhs100,000 to Dhs200,000, UAE daily Gulf News reported.

The UAE cabinet has also set up a committee to look into the matter, the paper quoted a senior official as saying.

The month of Ramadan starts on Sunday, June 29.

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