Saudi- Ministry watching prices after king's grant
(MENAFN- Arab News) The Ministry of Commerce and Industry intends to slap penalties on dealers who decide to raise prices of commodities following Custodian of the Two Holy Mosques King Salman's announcement of bonus equivalent to two months' salary to citizens.
The royal decree was emulated by private companies who also awarded a two-month basic salary to their employees.
The decree announced last Thursday included the payment of two months basic salary to all Saudi state employees a two-month stipend to students inside and outside the Kingdom and a two-month pension to pensioners.
Following reports of a price hike of commodities the ministry has ordered its branches in all regions to monitor any variations in the prices of goods in local markets.
It also said that all violations will be submitted to the ministry directly and that the ministry's branches are authorized to deal with the offenders according to a local daily.
'This move has countered any attempt by dealers to exploit or manipulate the prices of commodities in view of the recent announcement of the two-month salary bonus' Fadal Abu Al-Ainain an economist told Arab News.
The royal decree was emulated by private companies who also awarded a two-month basic salary to their employees.
The decree announced last Thursday included the payment of two months basic salary to all Saudi state employees a two-month stipend to students inside and outside the Kingdom and a two-month pension to pensioners.
Following reports of a price hike of commodities the ministry has ordered its branches in all regions to monitor any variations in the prices of goods in local markets.
It also said that all violations will be submitted to the ministry directly and that the ministry's branches are authorized to deal with the offenders according to a local daily.
'This move has countered any attempt by dealers to exploit or manipulate the prices of commodities in view of the recent announcement of the two-month salary bonus' Fadal Abu Al-Ainain an economist told Arab News.
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