Ministry of Trade Denies Justification for Price Hikes Due to Dollar
The Ministry of Trade announced today, Saturday, its close monitoring of price movements in local markets, particularly the increases observed in some food and consumer goods, including local products that are not directly affected by fluctuations in the dollar exchange rate or imports. Advisor to the ministry, Mohammed Hanoun, explained that the rise in the dollar exchange rate does not automatically justify price increases for all goods, especially local products and stocks imported previously at lower exchange rates. He emphasized the ministry's rejection of exploiting economic changes to impose unjustified price hikes aimed at making exceptional profits at the expense of citizens. He pointed out that the ministry, through its regulatory bodies and in coordination with relevant sectoral and security authorities, monitors market movements and watches for cases of price gouging, manipulation, and monopolistic practices. The ministry also verifies the reasons behind price increases and their relation to actual production, import, transportation, and distribution costs. He confirmed that addressing these issues involves intensifying inspection tours, following up on citizen complaints, and coordinating with competent authorities to take legal action against violators, referring cases of fraud, monopoly, and illicit commercial practices to the relevant bodies according to existing laws. Hanoun stressed that market freedom does not mean consumer exploitation, and legitimate competition should not become a means for price gouging or monopolization. He affirmed the ministry's ongoing efforts to enhance the supply of essential goods, support market stability, and encourage competition to protect citizens' purchasing power. He concluded by stating that consumer protection is a national responsibility, and the ministry will not allow the dollar exchange rate increase to be used as an open excuse for unjustified price hikes, with violations being monitored and legal measures taken without leniency.
