The UAE government will conduct a study on formulating a new policy to control the prices of essential commodities. This was disclosed by the Minister of Economic Affairs, Abdullah bin Tauq, in response to a question at the Federal National Council, the UAE parliamentary body.
The aim of the study is to protect consumers, regional producers, industrialists and farmers. The policy will be to ensure fair prices to producers and protect consumers from excessive price hikes. At present, the government has imposed price controls on essential goods. The prices of certain products cannot be increased except with the permission of the government. More effective implementation of this law will be discussed.
Abdullah Al Shamsi, Assistant Under-Secretary for Monitoring and Following Up in the Ministry of Economic Affairs said that there is no move to increase the price of essential commodities. He added that it will ensure that the prices are not increased unjustifiably.
Last month, the government had given permission to increase the price of poultry products including eggs by 13 percent. The price hike was allowed for six months. The Ministry of Economic Affairs made it clear that the price hike was approved following the continuous requests made by various institutions and farms due to the increase in the cost of production.
