Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Retailers of baby milk flout govt price cap  Join our daily free Newsletter

MENAFN - Arab News - 10/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) A number of pharmacies in the kingdom are continuing to sell infant milk formula at inflated prices as a two-week deadline announced by the saudi ministry of commerce and industry to cut down prices is set to expire.

at the same time some pharmacies have begun sending text messages to customers stating their commitment to the ministry of commerce's decision regarding the price reduction of the infant formula.

however many citizens have urged the ministry to monitor the prices to ensure the actual implementation of the decision especially in small pharmacies.

consumers have also called on the ministry of trade to tighten controls on pharmacies retail outlets and markets and punish violators for price manipulation. they said some pharmacies have gone to the extent of removing price labels from formula packages in an attempt to keep prices high.

the ministerial decision which was issued on may 28 set a cap on the price of infant formula with the maximum price of 400 grams of baby milk set at sr29 700 grams at sr49 800 grams of at sr56 and the price of 900 grams set at sr63.

the ministry gave all companies retail outlets and pharmacies throughout the kingdom a maximum of 15 days to charge the new prices.

earlier this month the ministry of trade and industry and the competition council launched investigations into larger institutions manufacturers and importers of infant formula in the kingdom.

the decision was issued in response to the increased prices of baby milk powder and as a means to ensure the commitment of the owners of manufacturers importers and retailers to regulations.

according to the decision violators of any market competition regulations face a financial penalty of up to 10 percent of the total sales which is to be doubled for repeat offenses.

a source at the ministry of commerce urged citizens and residents to cooperate with the ministry by reporting any price violations using the ministry of trade and industry's portal at http://mci.gov.sa/pages/default.aspx by tweeting the ministry at ?saudimci or by calling the ministry's hotline at 1900 or 920 000 667 or the toll-free phone 800-124-1616. he said customers should help identify any violating pharmacy or retailer that fails to abide by the deadline.


 


Arab News




  MENA News Headlines
 Nov 27 2014 - Lebanon mourns 'songbird' SabahArab News
(MENAFN - Arab News) BEIRUT: Iconic Lebanese singer and actress Sabah died Wednesday at the age of 87 after a seven-decade career and a colorful love life that kept her in the headlines until the ...

 Nov 27 2014 - Egypt drops ban on 'adults only' filmArab News
(MENAFN - Arab News) CAIRO: An Egyptian court has revoked a government ban on a film by Lebanese star Haifa Wehbe that had been deemed sexually provocative judicial sources said on Wednesday.In April ...

 Nov 27 2014 - Saudi- Prince vanishes from social mediaArab News
(MENAFN - Arab News) NEW YORK: Prince whose distaste for the music industry's conventions is well known has abruptly disappeared from social media after tentative efforts to promote his two new ...

 Nov 27 2014 - Saudi- Cumberbatch quits smokingArab News
(MENAFN - Arab News) LONDON: 'Sherlock' star Benedict Cumberbatch has revealed he left smoking one month back.The 38-year-old actor said staying away from cigarette is helping him stay healthy ...

 Nov 27 2014 - Saudi- Dilip Kumar perfectly fine: Big BArab News
(MENAFN - Arab News) MUMBAI: Thespian Dilip Kumar is 'perfectly fine' says actor Amitabh Bachchan quashing rumors of the former's health scare.Social networking platforms were abuzz with rumors ...

 Nov 27 2014 - Saudi- Turki Khan: Changing society one step at a timeArab News
(MENAFN - Arab News) Dreams ambitions and determination have no limits dedication to those three traits can take that dreamer ambition-seeker and determined young man or woman to places he or she ...

 Nov 27 2014 - Saudi- Exploring fine art through pencilArab News
(MENAFN - Arab News) Eman Al-Qahtani is a successful talented and ambitious young Saudi artist. She combines thoughts and colors in her paintings. She has her own art method; a painting is to deliver ...

 Nov 27 2014 - Saudi- Qatar lifts 22nd Arabian Gulf CupArab News
(MENAFN - Arab News) Qatar rallied to get the better of Saudi Arabia 2-1 to win the 22nd Arabia Gulf Cup football tournament at the King Fahd International stadium in Riyadh Wednesday night.Playing ...

 Nov 27 2014 - Saudi- Al Kabeer climbs to No. 2 after honors sweep in Globe CupArab News
(MENAFN - Arab News) One mighty performance that saw Al Kabeer Frozen Foods sweep honors had the defending champion moving up the leaderboard after the eighth week in the Thursday League 12th ...

 Nov 27 2014 - Al-Taib wins Fastest Car Race 2014 in RiyadhArab News
(MENAFN - Arab News) Ahmed Al-Taib a Saudi topped the Fastest Car Race 2014 which was organized at Dirab Park racetrack in Riyadh. Al-Taib won the race in a Porsche 911 Turbo which is characterized ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help