'DEVIATED CO-OPS ROKE RAISES PRICING'

  • 06/06/2022

Kuwait City: The Ministry of Commerce and Industry confirmed that the countries involved in setting commodity prices, including Kuwait, were adversely affected by the price increase for two reasons: a lack of commodities on the market and, to a large extent, goods destined for one country being diverted to another. The Commerce Ministry notified the Council of Ministers that the continued exposure of various commodities to the pricing system is what has resulted in the disruption of supply of particular commodities, revealing that all types of oils are now being shut off from the Kuwaiti market. According to the sources, cooperative societies have strayed from their service duty, and the lack of commitment by some cooperative societies will result in a price increase for commodities offered in these cooperatives.


According to the ministry, mitigating the effects of the food security shock on the world economy is dependent on Kuwait's ability to control the Corona crisis and strengthen its resilience in the short term, because the correction will be unsuccessful in the long term. The wording of Article Three of Decree-Law No. (79/10) is as follows: "Some goods may be subject to the pricing system, and it is issued to specify these commodities and prices specified by a decision of the Minister of Commerce and Industry, citing five disadvantages of price stabilisation."

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