UAE mulls ceiling on vegetable, fruit prices

The UAE is considering enforcing a ceiling on the prices of vegetable and fruits to ensure dealers will not breach that level within an ongoing drive to achieve durable market stability, the local press reported on Monday.

The Ministry of Economy also repeated a warning to dealers not to raise prices of consumer products this year, saying offenders will be fined up to Dh100,000 and risk confiscation of the product.

The Ministry revealed that plan during a meeting on Sunday with representatives of cooperative societies, hypermarkets and other major shopping outlets to discuss price stability through 2012.

“The Ministry informed the participants that it is considering enforcing a ceiling on vegetable and fruit prices which must not be breached by traders under any circumstances regardless of any price movements in the supplying countries,” said Hashim Al Nuaimi, consumer protection director.

He told Emirat Alyoum daily that the Ministry had rejected requests by dealers to increase the prices of some items this year, adding that it stressed to them prices must remain unchanged until the end of 2012.

“They have been warned that they must ensure a sufficient and strategic stock of all consumer products…any product found to be priced higher will be withdrawn from the market while dealers raising the prices of those products could be fined Dh100,000,” he said.

He said the Ministry reached an agreement with dealers at Monday’s meeting that they should comply with price stability and shoulder an increase in the price of any product at the country of origin.

“We also made clear to them they must display prices of all the products at selling points and make sure they are entitled ‘stable price-2012.”

Follow Emirates 24|7 on Google News.