Traders again told to reduce prices

UAE authorities have again told traders to cut consumer prices to maintain market stability against persistent fluctuations in global prices, the Arabic language newspaper Alkhaleej reported on Thursday.

The ministry of economy said it had sent another letter to major shopping outlets in the country asking them to take price reduction initiatives in the next period.

“The message asked all key marketing outlets in the UAE to take an initiative and cut the prices of consumer products in the next period,” the paper said, quoting Abdul Aziz Al Shehi, the ministry’s undersecretary.

“This will show their cooperation with the ministry and other departments in their bid to maintain market stability and avert fluctuations in global prices…they could either cut prices of some products or keep the present prices…as for products that have recorded high increase, outlets here could raise prices slightly so the increase will not largely affect consumers.”

Shehi said all shopping outlets should assume what he described as a social responsibility in taking “real initiatives” to stabilise the local market, avert manipulation and educate the consumers on the importance of market stability.

Follow Emirates 24|7 on Google News.