Kuwait Egg Prices to Rise Five Per Cent

KUWAIT - Deputy Head of Consumer Protection Society Khalid Al-Suba’ie declared that the Kuwait Union of Cooperative Societies (KUCS) has decided to increase the prices of eggs by five per cent, adding that the decision has been circulated to all cooperative societies, reports Al-Shahed daily.
calendar icon 17 December 2013
clock icon 3 minute read

According to Arab Times, Mr Al-Suba’ie indicated that an agreement between the Ministry of Commerce and Industry and the Kuwait Union of Cooperative Societies has been reached to increase the price, which will benefit the traders at the expense of the consumers.

Informed sources revealed that the decision to increase the prices of eggs was made after traders and influential people persuaded the Minister of Commerce and Industry Anas Al-Saleh, who then submitted a letter to the Head of the Kuwait Union of Cooperative Societies regarding his approval of the price increase.

KUCS Chairman Abdulaziz Al-Samhan said the Price Fixing Committee received requests to increase the prices of over 4,000 products of several companies, reports Al-Anba daily. He disclosed that the committee has approved increasing the price of about 300 products by less than ten per cent, assuring that KUCS always works hard to ensure the prices of commodities are not skyrocketed in consideration of its economic and social effects.

He affirmed that KUCS has unified the prices of about 35,000 commodities, adding that he hopes the number will increase to 40,000 before the end of the year. He reiterated that the unification follows related procedures for items sold in the main supermarkets of cooperative societies and their branches.

Mr Al-Samhan also revealed that the Price Fixing Committee follows a scientific policy in agreeing to price hikes in order to avoid bias against any involved parties, stressing that KUCS will never agree to price hikes unless the request is worthy and validated.

The KUCS chairman indicated that some people suspect the activities of the Price Fixing Committee, but it continues to stand firm against challenges to carry out its obligations to the best possible standard.

Meanwhile, Mr Al-Samhan said KUCS is part of the committee that was formed by the Ministry of Commerce and Industry to set the prices of eggs, adding that the ministry and companies providing eggs have fixed the prices of eggs recently.

He assured that KUCS will inform the ministry about any lapses it discovers while the concerned company will face administrative action for undue disparity in prices or failure to supply to cooperative societies.

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