KuwaitOther News

Cabinet working to tackle ‘unjustifiably’ high prices – Govt taking measures against price gougers

KUWAIT: The Cabinet has tasked the Ministry of Commerce and Industry to continue to work to keep “unjustifiably high prices” in check and prevent “illegal exploitation”, Minister of State for Cabinet Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah said yesterday. Notably, Kuwait will raise petrol prices from Sept 1 as part of economic reforms aimed at countering falling oil revenues. In a statement to KUNA after the Cabinet’s weekly meeting, Sheikh Mohammad said that the Cabinet discussed a report by the Ministry of Commerce on steps taken by the Consumer Protection Department to curb rising inflation.

Moreover, he noted that the Ministry of Commerce has dealt with more than 350 violations committed by various shops including inflating prices, adding that such practices will warrant legal action. Furthermore, Sheikh Mohammad said that the Cabinet discussed various measures taken by numerous government bodies to address skyrocketing fish prices, adding that the Cabinet has urged these bodies to act urgently to remedy this issue.

The ministers decided to task the Public Authority for Agricultural Affairs and Fish Resources to coordinate with the Ministry of Interior, the Ministry of Commerce and Industry, the Fishermen Union as well as other relevant authorities to enforce adequate measures to stop the increase in fish prices. The Cabinet stressed that it must be “notified regarding this issue in a month as of today”.

The Cabinet also asked the Ministry of Commerce and the Ministry of Social Affairs and Labor to submit regular reports to the government regarding measures taken to stem the unreasonable hikes in prices of commodities. The ministers were briefed by the Deputy Prime Minister, Minister of Finance and the Acting Minister of Oil, Commerce and Industry Anas Al-Saleh about the measures that have been taken by the department to ban the unjustified hiking of prices of essential products and the penalties imposed on violators of relevant laws. The Cabinet praised the action taken against price manipulators.

Meanwhile, the ministers were briefed about a recommendation by the commission requesting the Ministry of Finance grant Kuwait Direct Investment Promotion Authority jurisdiction to distribute commercial plots. The Cabinet approved the request, and tasked the Municipality with taking the necessary measures for privatizing the business plots for benefit of the authority. – KUNA

Back to top button