CAIRO: The Ministry of Supply agreed with several food produce companies to fix prices of 30 food commodities until 2015. They also agreed with the Ministry of Youth to open several wholesale complexes at youth centers with a 30 percent subsidy, Ministry of Supply spokesperson Mahmoud Diab told ONTV late Monday.
He said the Ministry will officially announce the name of these products within two days.
“Opening new wholesale outlets and fixing prices in within the ministry’s new strategy to control the price of products since the oil price hike to lessen citizens’ burdens and prevent merchants’ greed,” Diab said and encouraged citizens to shop at wholesale outlets.
The Ministry of Supply will exploit the Ministry of Youth’s centers to offer products subsidized at 30 percent at new wholesale outlets throughout Egypt.
Besides fixing prices and opening wholesale outlets, the ministry’s supervisory Consumer Protection Bodies and Supply Inspectors will intense its presence at the markets in the upcoming period to monitor markets and prevent monopoly.
The ministry will allocate hotlines to receive citizens’ complaints of the price hike, he said and that they will define the specific price of increase of products based on the oil price hike.
The Egyptian government raised the price of fuel on Saturday without prior notice following a promise to cut subsidies and allowed citizens to accept the new fait accompli.
The Consumer Protection Agency announced on June 5 that the recently announced removing government subsidies could cause as much as a 200 percent increase on all product prices due to the increase in transportation costs, possible productions costs, and monopoly practices.