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
 Mar 26 2015 - Qaedalinked militants blow up Shiite hall in Syria: NGOArab Times
(MENAFN - Arab Times) BEIRUT June 16 2013 (AFP) -Extremist fighters claiming to be from an Al-Qaeda-linked group have blown up a Shiite religious building in the Syrian province of Deir Ezzor a ...

 Mar 26 2015 - Wave of car bombs kills 14 in south Iraq: officialsArab Times
(MENAFN - Arab Times) BAGHDAD June 16 2013 (AFP) -A wave of car bombs in several cities south of Baghdad on Sunday killed at least 14 people officials said as Iraq grapples with a surge in violence ...

 Mar 26 2015 - Head blow leaves Australian with French accent: reportArab Times
(MENAFN - Arab Times) SYDNEY June 17 2013 (AFP) -An Australian woman who now speaks with a French-sounding accent after a head injury eight years ago has revealed the experience has left her feeling ...

 Mar 26 2015 - UAE military jet crashes pilot killedArab Times
(MENAFN - Arab Times) DUBAI June 17 2013 (AFP) -An Emirati military jet crashed during a routine training mission in the Gulf country killing the pilot the UAE Armed Forces General Headquarters said ...

 Mar 26 2015 - Gulf General Investment net profit hits USD31.3m in 2014MENAFN
(MENAFN) The Gulf General Investment Co logged a net profit of around USD31.3 million for 2014, marking a slight increase from the USD29.94 million of 2013, Gulf News reported.According to the ...

 Mar 26 2015 - Gaza joy as Palestinian singer wins Arab Idol contestArab Times
(MENAFN - Arab Times) GAZA CITY Palestinian Territories June 23 2013 (AFP) -Jubilant Palestinians took to the streets in their thousands early Sunday after singer Mohammed Assaf won a pan-Arab ...

 Mar 26 2015 - Qatar's Ezdan logs USD373.14m net profit in 2014MENAFN
(MENAFN) Qatari Ezdan Holding Group recorded a net profit of USD373.14 million in 2014, against a USD293.57 million logged in the previous year, The Peninsula Qatar reported.Among the Group's most ...

 Mar 26 2015 - Saudi- Charcoal facial: Beauty world's best kept secretArab News
(MENAFN - Arab News) The beauty benefits of charcoal have been in the spotlight lately. Many skincare brands from affordable drugstore products to professional grade and more natural ones have been ...

 Mar 26 2015 - For Caroline Seikaly fashion is passionArab News
(MENAFN - Arab News) Caroline Seikaly is an American-Lebanese designer with French roots. She grew up in the United States and studied fashion design at the Rhode Island School of Design and while ...

 Mar 26 2015 - Saudi- Makkah floods: Woman baby killed 2 missingArab News
(MENAFN - Arab News) Civil Defense officials continued their search Wednesday for two men feared swept away by floods in Makkah on Tuesday night. The floodwaters had earlier claimed the lives of a ...

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