Abu Dhabi: The United Arab Emirates (UAE) retailers are not allowed to hike the prices of nine basic commodities without approval from the Ministry of Economy (MoE) during Ramzan.
The policy prohibits price hikes of nine essential goods which are, cooking oils, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat.
“The pricing policy for consumer goods is a key pillar of market price regulation,” Abdullah Sultan Al Fan Al Shamsi, assistant undersecretary for the monitoring and follow-up sector at the MoE, said on Wednesday, March 6.
Al Shamsi added, “The UAE implements best policies to ensure a strategic supply of all vital goods required by citizens, residents, and visitors in the country, in ample quantities for extended periods, guided by clear directives and unwavering support from our wise leadership.”
He also pointed out that as Ramzan approaches, the UAE markets see a substantial increase in the availability of goods and products, especially essential consumer items, the Emirates News Agency (WAM) reported.
He further emphasised the ministry is committed to meeting all consumer needs, ensuring easy access to goods without unreasonable price hikes, and providing the necessary quantities.
“The ministry will oversee the promotions announced by a group of consumer cooperatives and outlets in the country and those related to the discounts on the prices of goods and products during the Holy Month of Ramzan. The discounts on some products in the cooperatives go up to nearly 50 percent,” he added.
In 2023, UAE’s regulatory authorities conducted 96,200 inspections to address price labelling, product quality monitoring, commercial fraud, and trademark infringements, detecting 6,545 violations.
