Cooking oil, eggs, dairy, rice, sugar, chicken, legumes, bread, and wheat are among the nine fundamental consumer commodities the UAE’s Ministry of Economy forbade merchants and suppliers from raising their prices on Tuesday. On January 2, 2025, the new pricing policy is expected to go into force.
The Ministry of Economy declared that two consecutive price hikes for essential necessities must be separated by at least six months. The decrees prohibit retailers from raising the cost of these nine essential consumer commodities without obtaining Ministry of Economy clearance.
Along with offering customers the ability to report infractions, the ministerial decrees also give the ministry supervisory authority to ensure everyone abides by the rulings.
To safeguard consumers, ensure market stability and product quality, and balance supply and demand for vital consumer goods throughout all UAE emirates, the new policy and its regulating decisions aim to strengthen governmental control in determining the prices of necessary items.
The recently announced ministerial decrees address the unit price of some consumer goods, which requires retail establishments to display unit prices to encourage transparency, the prices of essential consumer goods to maintain price stability and protect consumers, and the guidelines for the conduct of the consumer goods sector, which regulate the contractual relationship between suppliers and retailers in the marketplace.
Also Read:
Transforming Business Setup in the GCC Region with PG CSP Group: Pavel Gerasimov
