The UAE Ministry of Economy announced on Tuesday (December 24) that there will be a mandatory six-month gap between consecutive price increases for basic commodities. The new pricing policy is scheduled to take effect on January 2, 2025.
Additionally, retailers must seek prior approval before raising prices on nine essential consumer goods to protect consumers and promote competition. These include cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat, along with related items and cleaning products. Other products will be subject to market forces like supply and demand, the ministry said.
This is part of a new pricing policy for essential consumer goods, governed by three newly announced ministerial decrees.
New Decrees Ensure Price Stability
The decrees also grant the Ministry supervisory authority to ensure compliance and empower consumers to file complaints against violators.
The new regulations focus on maintaining price stability and protecting consumers, establishing clear unit prices for certain goods, requiring retail stores to display unit prices for transparency, and setting guidelines for supplier-retailer conduct to regulate market relationships.
New Policy Targets Monopolies
The policy also aims to curb monopolistic practices, ensuring market stability and product quality. It strives to create a balanced environment among suppliers, retailers, and online merchants, safeguarding the local market’s competitiveness and community welfare. Additionally, the policy seeks to foster transparency and promote accurate product pricing in a competitive marketplace.
