WHEN prices go up around the world, local merchants increase the price of products already in the market or products in stock. Merchants justify this by saying that global prices have affected their business. Strangely enough, when prices around the world decrease, these very same merchants do not reduce their prices. On the contrary, some of them continue to gradually raise prices. Middle-income families are the most affected and many of them find themselves constantly under financial pressure. Of course, some Saudi merchants respond to global increases and decreases by following suit. They do not try to take advantage of the situation and burden middle-income families. I would like to stress the efforts exerted by the Ministry of Commerce and Industry in this regard. The ministry is doing a great job of monitoring and controlling prices and trying to protect consumers. The real problem lies in the fact that some manufacturing companies, such as milk producers, get together and agree on simultaneously raising the prices of their dairy products. By doing so, they control the prices of consumables and drive the prices up whenever they want. I think the only way to stop such tycoons from monopolizing the market is for the Ministry of Commerce and Industry to lay down laws that would act as deterrents. It is also important for the ministry to send out inspectors into the market to ensure that laws are enforced and that companies comply. Some Gulf countries have collaborative organizations that import products from abroad and sell them locally at prices that are affordable to all. We should set up similar bodies in the Kingdom to ease the suffering of middle-income families. We hope the ministry continues to combat monopolies, find alternatives and encourage fair competition in the market. We should encourage international companies to enter our market and sell their products directly to consumers without the need for agents or distributors. Monopolies are the main reason why prices go up and quality goes down.
