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 cpanies 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
 May 5 2016 - Four wounded after rockets hit Turkey's KilisThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) >Four people including a police officer were wounded after rockets fired from Islamic State of Iraq and the Levant (ISIL)-controlled territory hit the ...

 May 5 2016 - Turkey- Delegation from Turkish opposition party detained in IsraelThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) >A delegation from Turkey’s far-right Great Unity Party (BBP) was detained at Israel’s Tel Aviv airport early on May 5 the party and CNN Türk ...

 May 5 2016 - ISIL must be pushed back in northern Syria: Turkish ministerThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Islamic State of Iraq and the Levant (ISIL) must immediately be pushed back from the Turkish border said Turkish Foreign Minister Mevlüt ...

 May 5 2016 - Jordan- Deputizing for King Royal Court chief receives US delegationJordan News Agency
(MENAFN - Jordan News Agency) Amman May 5 (Petra)--Deputizing for His Majesty King Abdullah II Royal Court Chief Fayez Tarawneh on Thursday received a delegation of US congressional aides currently ...

 May 5 2016 - Jordan- Deputizing for King Prince Faisal attends Israa wal Miraj celebrationJordan News Agency
(MENAFN - Jordan News Agency) Amman May 5 (Petra)--Deputizing for His Majesty King Abdullah II His Royal Highness Prince Faisal Bin Al Hussein on Thursday attended a grant religious ceremony held by ...

 May 5 2016 - Jordan, Palestine sign cultural cooperation programJordan News Agency
(MENAFN - Jordan News Agency) Ramallah April 5 (Petra)--Palestinian Prime Minister Rami Al Hamdallah on Thursday discussed with Culture Minister Lana Mamkigh means to boost cooperation and ...

 May 5 2016 - Jordan- PM meets investors in energy sectorJordan News Agency
(MENAFN - Jordan News Agency) Amman May 5 (Petra)--Prime Minister Abdullah Ensour on Thursday received businessman Tariq Al Abdullah and a delegation representing a group of international companies ...

 May 5 2016 - Qatar- Filipinos to celebrate Independence DayThe Peninsula
(MENAFN - The Peninsula) Philippine Ambassador Wilfredo C Santos (fourth left) cutting a cake along with UFOQ Chairman Edgar Anami (third left) Miss Tourism International Philippines 2015 Janela Joy ...

 May 5 2016 - Qatar- A hot day with maximum temperature around 38 degree celsiusThe Peninsula
(MENAFN - The Peninsula) Doha: The weather forecast for Qatar valid until 6pm Thursday inshore will be hot during with slight dust offshore will be hazy to misty with some clouds. Wind speed ...

 May 5 2016 - 2016 a bright year for Egypt's gymnastsDaily News Egypt
(MENAFN - Daily News Egypt) Egyptian female gymnasts have recently been making leaps and bounds in the competitive arena.This year, Sherine El-Zeiny won gold at the African Gymnastics Championships ...

 May 5 2016 - Egyptian clubs GSC, HSC take silver and bronze at Arab Water Polo Clubs ChampionshipDaily News Egypt
(MENAFN - Daily News Egypt) Saudi Arabian water polo club, Al-Qadisiyah, won the 13th edition of the Arab Water Polo Clubs Championship which was held at the Heliopolis Sporting Club (HSC) in ...

 May 5 2016 - Egyptian champions dominate squash tournamentsDaily News Egypt
(MENAFN - Daily News Egypt) Egyptian Mohamed Al-Shorbagy won the 2016 El-Gouna International Squash Open.In the final match, Al-Shorbagy defeated France's Gregory Gaultier in what was an unexpected ...

 May 5 2016 - Interview: Egyptian swimmer Farida OsmanDaily News Egypt
(MENAFN - Daily News Egypt) Nicknamed the Golden Fish, Farida Osman has won countless medals and has performed spectacularly in competitions. Among the many Egyptian athletes who have qualified for ...

 May 5 2016 - Mohammed bin Rashid greets UAE Armed Forces founders visionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 5th May 2016 (WAM) -- Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has extended ...

 May 5 2016 - UAE- Mohamed bin Zayed: Our armed forces will steadily progress to be an extraordinary force able to face all threatsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 5th May 2016 (WAM) -- His Highness Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed ...

 May 5 2016 - Egypt's foreign exchange reserves gain $450m in April: CBEDaily News Egypt
(MENAFN - Daily News Egypt) The Central Bank of Egypt (CBE) revealed Wednesday that Egypt's net international reserves increased by approximately $450m in April 2016.It explained in a statement on ...

 May 5 2016 - Tahya Misr launches first education investment fund with EGP 100mDaily News Egypt
(MENAFN - Daily News Egypt) Tahya Misr Fund launched the first fund for profitable investment in education at an estimated cost of EGP 100m in the first phase, according to executive director of the ...

 May 5 2016 - King Salman's bridge creates expectations of increased Gulf investments in tourism sectorDaily News Egypt
(MENAFN - Daily News Egypt) Workers in the tourism sector expect an increase in tourist investments, especially in the Gulf of Aqaba across several touristic towns and cities such as Sharm El-Sheikh, ...

 May 5 2016 - Egypt's technical education is still woundedDaily News Egypt
(MENAFN - Daily News Egypt) Bassera, the Egyptian centre for research and public opinion, estimated that the private sector contributed to developing the Egyptian education system with 9% in funding ...

 May 5 2016 - Kuwait- His Highness PM arrives in HanoiKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) HANOI May 5 (KUNA) -- His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah and his accompanying delegation arrived in Hanoi on Thursday on an ...

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