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FINANCIAL NEWS
Oman to restrain increases in services, commodity prices
18 Aug 2011
(MENAFN) Oman’s Public Authority for Consumer Protection’s (PACP) chairman, Said Al-Kaabi, said that if retailers didn’t give a good reason behind price rises, the government would ban the increases in commodities and services prices, reported Arabian Business.
Al-Kaabi added that under the new law, suppliers should get the PACP’s approval if they wanted to raise prices, on condition to give a reasonable motive for the hike.
He also said that the government didn’t give any details about when the law would take effect, adding that the country allocated USD2.6 billion in spending to improve the life of its citizens.
It is worth noting that this year; the Sultanate’s economy would be expected to expand by 5 percent in real terms whereas inflation would stay between 4 percent and 5 percent.
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