Hamoud Abu Taleb
Okaz
The Consumer Protection Association (CPA) has reportedly taken up the issue of increasing prices of foodstuffs and other essential commodities with the Ministry of Commerce and Industry. This was essential as prices in other parts of the world have declined by 19 percent as a result of a sharp decline in oil prices.
The CPA asked the ministry why the local market was not reacting to developments in international markets, cutting down prices. This is a simple but important question as consumers are careful in spending even a halala extra.
This is not the first time this question was raised but citizens have failed to get a convincing reply from authorities. However, it is high time for the Ministry of Commerce and Industry and other relevant authorities to solve this puzzle, which in my opinion does not need big intelligence.
We have read some press reports that give correct interpretation for this mystery. According to a report published a few months ago, some companies have been monopolizing distribution of most essential commodities for years. The report had mentioned the names of those companies.
This means we are facing one of the worst problems that would undermine our food security. Monopoly will have a negative impact on societies and consumers. Some countries consider it as a big crime and impose tough penalties on the offenders.
Unfortunately, authorities in our country would not take any action against the companies that engage in monopoly even after publishing their names in newspapers. We have been accusing the Commerce Ministry of supporting traders and its negative stand has so far changed the equation to a great extent. But in order to check rising prices of essential commodities the ministry should move quickly and take effective action against companies involved in the crime.
Nominal fines will not work as it would not have any impact on companies having billions of dollars in assets and turnovers. Leaving a group of traders to determine our future is not acceptable. This is a big crime by all standards. Immediate measures should be taken to eradicate this phenomenon in order to end the plight of citizens and other consumers in the country.
