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16 April 2024

Dealers beware...Dh2 million fine for hiking prices

By Staff

Greedy dealers who illegally raise the price of their consumer products could be fined Dh2 million and risk their business shut as part of new stringent rules introduced by the Ministry of Economy seeking to end market anarchy.

The Ministry had earlier warned traders that they could be fined Dh100,000 if they hike their prices without prior official approval but they now face Dh1m in such offences, a Ministry official said.“In case the offence is repeated, the fine will be raised to Dh2m and the business will be shut…the dealer involved will also be prosecuted,” said Hashim Al Nuaimi, head of the consumer protection section at the ministry.

Nuaimi issued the warning at a meeting with key dealers held in Umm Al Qauwain this week to brief them on the Ministry’s plans for this year, including a decision to extend a freeze on the prices of more than 1,000 consumer items.

He said that the Ministry had recently fined an egg dealer Dh100,000 for raising prices three times to Dh180, then to Dh200 and to Dh220 per box. A restaurant in Umm Al Quwain was also fined Dh10,000 for failing to show fixed prices.