Price panel eyes fair hike reviews
KUWAIT CITY, June 11: The Price Monitoring Committee -- which is under the Central Committee for Price Studies, Inflation Monitoring and Supply Chains -- met recently to discuss a series of recommendations aimed at reorganizing the price monitoring mechanism because of market developments in recent years. According to sources, the committee, tasked to analyze price movements and ensure market stability, follows a strategy designed to balance economic stability with market interests. The source said the primary objectives of the committee include protecting consumer rights and preventing unjustified price hikes.
During the meeting, the committee members agreed to prioritize reviewing price increase requests from companies that have not adjusted their prices since before the COVID-19 pandemic. Sources explained that the rationale is that these companies have not benefited from recent price revisions, making their cases more compelling from a commercial fairness perspective.
Sources revealed the committee is currently coordinating and prioritizing these requests in preparation for formal review, indicating each request will be evaluated based on transparent and well-defined criteria to ensure fairness and objectivity. The meeting, which included representatives from relevant stakeholders, featured a visual presentation and a detailed economic report outlining the committee's proposed methodology.
Emphasis was placed on the urgency of submitting the meeting's outcomes to the appropriate central authorities for action. Sources confirmed that the committee, supervised by the Ministry of Commerce and Industry, is responsible for monitoring price fluctuations, issuing periodic reports, and recommending regulatory action whenever necessary. It also oversees approval of price adjustments and the introduction of new products, ensuring alignment with supply and demand dynamics, sources added.
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