Good news for consumers as an announcement is expected this afternoon for a number of items to fall under price control.
The reduced prices are expected to come into effect from later this week as four days will be given to the supermarkets to comply with the price control order.
Commerce Commission chairman Doctor Mahendra Reddy said the commission has reviewed the prices of various items after serious concerns were raised on the import, wholesale and retail markups.
Prices which will come under the price control order are baby milk of all types, imported butter, imported chicken, corned beef and mutton, all types of local and imported edible oils, imported garlic, locally packed and imported ghee, margarine, milk, noodles, onions, imported potatoes, rice, imported salt, sheep meat, sugar, tea, medicine, unleaded fuel, kerosene and premixed outboard fuel.
The first step of the process was the review of the import, wholesale and retail markup percentages.
Following this, the commission considered various factors including packaging and transportation costs, before setting the pricing structure.
Doctor Reddy also said the markups are reasonable and is definitely not based on businesses making super normal profits through exorbitant pricing.
Stay with us. We will bring you the details of the prices of the items later this afternoon.
Story by: Vijay Narayan
