Ministry of Economy Succeeds In Reducing Prices During Ramadan: Al Mansouri

Early preparations and on-ground inspections supported Ministry’s plan for Ramadan

His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said that the Ministry has succeeded in reducing prices of essential goods during the Holy Month of Ramadan. He said that an early preparations and on-ground inspections contributed to stabilising prices during Ramadan.

On a visit to Abu Dhabi Cooperative Society in Abu Dhabi Mall, Mr Al Mansouri praised the efforts of major retail outlets in the UAE for organising several Ramadan promotions and reducing prices of 400 essential commodities by 20 to 40 per cent. He also thanked the local departments for their contribution in supporting the Ministry’s efforts and for exempting promotional fees.

Mr Al Mansouri said the Ministry has launched a full-fledged plan aimed at protecting the interests of consumers during the Holy Month of Ramadan, to ensure that consumers are not affected by any market price manipulations.

The new plan focused on five major areas including meeting retail outlets, government departments, suppliers, field visits and an advertising campaign. Mr Al Mansouri said that the Ministry met representatives from local departments in each Emirate including municipalities, chambers of commerce and economic departments and Emirates Coop and Emirates Community for Consumer Protection.

Mr Al Mansouri said: “We have agreed with all concerned parties to join hands to avoid any manipulation of prices, and we have already established teams in cooperation with the Ministry’s offices in each emirate to closely monitor the sale of meat, vegetables, fish and chicken at major retail outlets. We coordinated awareness campaigns before and during Ramadan to inform consumers on the availability of commodities. This was to avoid the tendency to make rush purchases before and after the Holy Month. Special lectures are being held to guide consumers on the best ways to monitor the market. The ministry distributed leaflets and brochures in coordination with the local departments to guide consumers on the right behavior and avoid any price manipulative practices.”

Al Mansouri said that the Ministry of Economy has already issued a series of recommendations that were published in local newspapers warning suppliers against price manipulation. The Ministry has coordinated with local departments to ask suppliers of rice, meat, chicken, wheat, oil, juices and dairy products to stabilize prices during Ramadan.

The Ministry also met more than 50 suppliers of fruits and vegetables in all seven emirates to ensure prices remain stable during the Holy Month, as well as to increase their availability. The Ministry has urged them to place price lists on each product and adhere to the social responsibility of the suppliers to the consumers.

Al Mansouri said that the Ministry is arranging daily ground visits to ensure real price stability in cooperation with all. The visits took place before and during the Holy Month. “The Ministry is strictly dealing with manipulation attempts and slaps fines on violators immediately,” he added.

The MoE has set a plan to guide consumer behaviour including a communication scheme with media outlets to publish guidelines to consumers and suppliers. It also intends to put out warning advertisements to suppliers cautioning them about legal action if they fail to comply with the Federal Law no. 24/2006.

The plan includes distributing awareness brochures, and warning suppliers against monopoly practices or price manipulation during Ramadan. MoE is also coordinating with the Islamic affairs and Awqaf Authority to spread awareness against hoarding goods. The MoE has assured the community of continuous and regular supply of key goods in the markets. The plan includes setting up interviews on broadcast media highlighting preparations for Ramadan.
 

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