As the Commerce Commission gets ready to make the price announcements for about 22 basic food items this afternoon, the Commission has only said that it is confident that its maximum wholesale and retail prices earlier set is reasonable.
Commission Chairman, Doctor Mahendra Reddy has also revealed that after assessing some of the costing for the items submitted by the retailers, they have established that the maximum prices imposed by the commission is higher than the unit cost plus the mark-up for the retailers.
Doctor Reddy also said the wholesalers and retailers had to prove over the last few days on whether they were really forced to sell the price control basic food items below cost.
Meanwhile the Commerce Commission has removed local noodles and canned tuna flakes from the price control order list which was announced last week.
The imported substitutes of the local noodles and tuna flakes will remain under price control, and this is expected to be revealed later today.
Commerce Minister, Aiyaz Sayed-Khaiyum and Doctor Reddy are expected to make announcements in relation to the price control items later today after assessing the costing of the items submitted by the wholesalers and retailers.
The earlier announcement resulted in huge price reductions for rice, potatoes, garlic, onions, tinned fish, corned mutton and beef, split peas, lamb chops, lamb neck and shanks, tea, edible oil, margarine, imported noodles, salt, imported butter, sardines, powdered and liquid milk, infant formula and baby food. Stay with us for more on the price announcement throughout today.
Story by: Vijay Narayan
Commerce Commission confident new prices to be reasonable
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