Freeze on grocery prices
In a crucial move to curb the inflationary trend in Qatar, the Ministry of Economy and Finance has asked retailers and wholesalers not to raise the price of any commodity without consent from the Ministry.
Sources from several hypermarkets in Doha told The Peninsula yesterday that they had got instructions from the Ministry in this regard a few days ago.
The move complements the Ministry's decision to publish a weekly list of prices of essential items in leading hypermarkets in the city, which is said to have helped stabilise the prices.
Hypermarket sources said that about four days ago they received verbal instructions from the Ministry not to pass on to consumers any price hike imposed by the wholesalers, unless it is approved by the departments concerned in the Ministry.
"As we were told, wholesalers are now required to seek permission from the Ministry before raising the prices and procure a certificate showing its consent. We have been asked not to accept any price hike by wholesalers if they fail to produce this certificate," said a senior manager of a leading hypermarket in Doha.
The new rule is apparently intended to curtail traders who tend to exploit the inflationary situation to raise prices indiscriminately. It is applicable to all commodities, not just food items, said the sources.
A senior official from another hypermarket, in the Industrial Area, said they had received similar instructions from the Ministry.
"Wholesalers are mainly responsible for hiking prices frequently citing one reason or another. Once the suppliers hike the prices, we are forced to do likewise to compensate for the losses. The new rule is a welcome step and it could have a positive impact on the market."
"Some small retailers may still try to manipulate the prices, but it has become nearly impossible for major outlets to do that after the authorities started issuing the weekly price reviews," he added.
Most traders expect the new move to have an impact on the market.
"Prices of major food items have not increased over the past two weeks after word has spread among the public as well as the traders that the authorities are going strict on the issue, as Ramadan is approaching," said a retailer.
The Pen
Follow us on our social media channels:
@ILQlive
@ILQlive
@ILoveQtr
ILoveQatar