ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Union formulates strategy to control prices at cooperatives

by 5m Editor
2 April 2007, at 1:38pm

KUWAIT CITY - The Union of Con-sumer Cooperative Societies has formulated a strategy to control the prices of goods in cooperative societies, thwart attempts of traders to manipulate the prices of commodities and prevent the monopoly of goods to protect the interests of the consumers, Chairman of the Union Mohammed Amer Al-Mutairi told Al-Watan. Measures stipulated in the Union’s strategy include increasing the number of commodities priced by the Union. Al-Mutairi said the total number of commodities in the market is three million but the number of goods priced by the Union is only 25,000.

Aimed at protecting the citizens from commercial cheaters, the Union has started taking serious steps to increase the number of goods priced by the Union in coordination with the concerned authorities in the country. Other steps taken by the Union is the establishment of a new warehouse which will be used for storing huge quantities of foodstuff to prevent the monopoly of consumer goods by unscrupulous traders. This will also increase the capability of the Union to stock food supplies which will be enough to cover the needs of the country in case of emergency. Al-Mutairi added Kuwait Municipality has allocated an area measuring 6,000 square meters for the construction of the warehouse.

Besides increasing its storage capacity, the Union will also save KD 10,000 annually with the establishment of the warehouse as it is currently paying rent for using warehouses outside the Union.

Control

In line with its objective to control the prices of goods in the market for the welfare of the consumers, Al-Mutairi said the Union has addressed the issue on the unreasonable demand of poultry companies to increase the prices of eggs in the local market by forcing these companies to retain the prices of their products. He stressed the Union will continue working under this policy and foil attempts of devious traders who exploit the citizens by increasing the prices of main commodities.

The Union has also adopted a policy of directly importing various commodities to address the shortage of supplies due to unreasonable hikes in prices of these goods.

Source: Arab Times

5m Editor