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FINANCIAL NEWS
UAE to impose fine if water dealers hike prices
28 Dec 2011
(MENAFN) The UAE’s Ministry of Economy said that water dealers who would hike prices of bottled water would be fined between USD1,360 and USD27,220, reported Arabian Business.
The ministry added that it didn’t give the permission to any water dealer in the country to raise water prices, refuting reports that said the ministry’s committee approved the price increase.
It also said that many restaurants in the region achieve profits from the expensive pricing of bottled water; with gains of up to 2,000 percent recorded in the UAE.
It is worth noting that according to the committee, it didn’t receive any request from any party to raise bottled-water prices and it will not allow any water bottling firm to increase the prices, as water is a vital commodity and requires official permission for any price rise.
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