Kuwaiti Ministry of Commerce and Industry receives request to raise the prices of consumer products by local food and consumer goods importing companies.
28 August 2021, 12:00 AM
30 September 2021, 12:00 AM
Several mega local food and consumer goods importing companies have submitted requests to the Ministry of Commerce and Industry to allow them to raise the prices of consumer products to varying degrees, reports Al Qabas daily quoting reliable sources.
The importers have justified their requests, foremost of which is the high cost of raw materials at global level, in addition to the significant rise in sea and air freight charges, as well as land transportation costs to Kuwait.
The sources indicated companies and importers have already provided evidence that shipping costs have increased, for example, in just one month by 20 percent on the container load, whether 20 or 40 feet, as the average price of shipping a 40-foot container during the month of May was $5,000, but now the charge is $6 thousand.
The Ministry of Commerce issued a decision in March of 2020 to fix the prices of all types of food commodities in the country, and to consider the prevailing prices before the issuance of this decision on March 10 as the upper limit for the prices that must be sold that should not be exceeded and the violator will be subject to the closure of his company and the cessation of his activity.
The sources reported that the Ministry of Commerce is working on a detailed report on the rise in food prices globally, and its repercussions on the local market and will submit its recommendations to the Council of Ministers soon, and then await the Cabinet’s directives which will contribute to curbing the expected rise in prices