By Enyichukwu Enemanna
In a bid to fight market volatility and protect consumers, the Egyptian government has launched a crackdown on the pricing of seven items which it considers crucial in the lives of citizens.
The strategic goods include, sugar, rice, mixed oil, broad beans, milk, pasta, and white cheese.
The Prime Minister Mostafa Madbouly on Saturday emphasized that this move outlaws monopolistic practices and hoarding of these items.
“Declaring these goods strategic means strict enforcement of the Consumer Protection Law,” Madbouly stated, warning that there will be severe penalties for violations.
He further established a six-month initiative, formed in collaboration with the private sector, producers, and manufacturers, to develop transparent price control mechanisms.
This move underscores the government’s commitment to a balanced approach: “A free market does not equate to unchecked price rises,” he declared.
Madbouly reiterated the government’s focus on price discipline, not interference.
To achieve this, the Supply Minister issued regulations stipulating clear pricing guidelines for retail outlets, with weekly on-ground monitoring.
Also, a technical committee, led by the Information Center and comprised of representatives from relevant ministries, will monitor factory data and production volumes to prevent potential shortages.
The committee will publish weekly reports detailing market availability and stock levels for these essential goods.
The Prime Minister reached an agreement with factory owners for monthly price reviews.
This open dialogue aims to address factors that may lead to price adjustments, with changes to be transparently communicated to the public.
Credit Gist New Today News in Newspaper Nigeria Headlines