12.09 PM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

No fresh price hikes in UAE this year: ministry

Published

The Ministry of Economy assured residents on Thursday it would not allow any fresh hikes in the prices of consumer products and warned offending dealers could be fined up to Dh100,000.

A senior Ministry official said any attempt by traders to raise their consumer item prices would be considered illegal and is punishable under the law.

Head of the consumer protection division Hashim Al Nuaimi said the Ministry would conduct inspection raids to ensure compliance with price levels, adding that the decision would be enforced in all emirates by respective departments.

“Dealers who violate this decision will be warned,” he told the semi official daily Alittihad. “In case they repeat the offence, they will be fined between Dh5,000 and Dh100,000…if they keep repeating the offence, their business will be shut.”

Nuaimi said the Ministry had already penalized some dealers for hiking prices randomly without prior permission.

“The Ministry will not allow any party to raise prices and manipulate consumers…our inspectors will be in the market to ensure all traders respect this decision and keep prices as they are.”

Reacting to reports that some cinema houses have raised ticket prices from Dh35 to Dh40, he said the move is illegal and that the higher consumer committee would contact those companies and take the necessary measures.