Ministry of commerce intensifies oversight: Maximum penalties for unjust price hikes.
22 November 2023, 12:00 AM
31 December 2023, 12:00 AM
Minister of Commerce and Industry and Minister of State for Youth Affairs, Muhammad Al-Aiban, issued a directive urging the inspection and supervisory teams within the Ministry of Commerce to enhance their surveillance efforts significantly. He emphasized their responsibility to impose the maximum penalties on violators of the law and individuals exploiting financial increases by artificially inflating the prices of goods.
In a press statement released by the Ministry of Commerce, Al-Aiban underscored the crucial role of employees as the first line of defense against any merchant’s greed. He explicitly stated that it is impermissible to take advantage of salary increases for unjust enrichment.
This directive comes as part of the Ministry’s ongoing efforts, coinciding with the recent approval of financial increases for retirees, and serves as a proactive measure to regulate and monitor any unwarranted hikes in commodity prices.
During the meeting, Al-Aiban engaged with the developments in the work plan of the Commercial Control Department, including discussions with the heads of the Commercial Control Emergency Department, the Director of the Technical Apparatus for Commodity Supervision, and the Director of the Consumer Protection Department. The purpose was to assess their preparedness to address potential price increases in the upcoming period.
Also, Al-Aiban listened to the insights and recommendations of the inspection teams, aiming to address any challenges they might face and empower them to fulfill their duties effectively.