Price cuts from 10-20% seen possible
According to an official source the government is able to reduce food, consumer and construction prices in the country by 10 to 20 percent through many means, reports Al-Qabas daily. The same source said this can be done by working to reduce or temporarily waive the customs duties charged by the General Administration of Customs; cessation of handling fees, flooring fees and others on the main importers of basic materials and local manufacturers; providing storage facilities for local companies and importers, especially that their cost is high and therefore it has a great bearing on the final price of the commodity sold to the consumers.
The source pointed out that this proposal was discussed by the Council of Ministers after what was proposed by the Ministry of Commerce and Industry through an advisory team affiliated with the Minister’s office, but ended up in the drawers to collect dust. In addition, Al-Qabas learned that in 95 percent of the cases of the Ministry of Commerce and Industry’s records of seizures (artificially raising prices) during the past two years, which were registered against companies, suppliers, or commercial stores and referred to the Public Prosecution have reportedly ended up in calling the suspects innocent.
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