The UAE Ministry of Economy has announced a new pricing policy set to take effect on January 2, 2025. This policy targets nine key essential goods, including cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. The government aims to protect consumers from unjustified price increases and promote a competitive market environment.
Key Provisions of the New Price Policy
1. Price Hikes Require Prior Approval
Under the new regulations, businesses must obtain approval from the Ministry of Economy before raising prices on any of the nine essential goods. This move ensures that price increases are justified and do not harm consumers. Furthermore, the policy stipulates a minimum six-month interval between consecutive price hikes for these products.
2. Ensuring Market Stability and Consumer Protection
The UAE Ministry of Economy, through this initiative, seeks to stabilize the market and protect consumers. The new policy aligns with the government’s ongoing legislative reforms, including changes to the Consumer Protection Law and Cabinet guidelines on pricing. These efforts are designed to foster transparency, ensure market stability, and enhance consumer rights across the country.
3. Strengthening Transparency in Pricing
To empower consumers, retail stores and online merchants with premises larger than 1,000 square meters will be required to display unit prices for essential goods. This transparency allows shoppers to make informed purchasing decisions and promotes fair competition in the marketplace.
4. Regulating Supplier and Retailer Relationships
A key aspect of the new regulations is the introduction of guidelines that govern the relationships between suppliers and retailers. These rules ensure fair competition, ethical practices, and prevent monopolistic behaviors, further enhancing consumer trust in the marketplace.
5. Consumer Empowerment and Reporting Violations
The policy grants consumers the right to report any violations, giving them a direct role in ensuring compliance. A dedicated team within the Ministry will monitor price stability, assess requests for price increases, and address consumer complaints, ensuring that market practices are aligned with the best interests of consumers.
The UAE’s Commitment to Economic Governance
Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, emphasized that this policy is part of the UAE’s broader commitment to global best practices in consumer protection and economic governance. By ensuring fair pricing, the government fosters a sustainable and competitive market environment that benefits both consumers and businesses.
In conclusion, the UAE’s new pricing policy for essential goods marks a significant step toward enhancing market transparency, preventing unfair pricing practices, and improving the overall consumer experience. The policy also reflects the country’s ongoing efforts to maintain a stable and competitive economy while safeguarding consumers’ rights.
