3 Stages to Prevent Price Manipulation
The Saudi Ministry of Commerce monitors many reports by number of citizens complaining about price manipulation and variation in prices of goods, food, and detergents in sales outlets in the region of Saudi Arabia.
Citizens said that sales outlets take advantage of consumers’ ignorance of prices. So, some sales outlets are changing the prices from one store to another which is causing price manipulation.
In turn, the Ministry of Commerce confirmed, according to Al-Watan, that its supervisory teams carry out regular inspection tours to commercial establishments and markets to monitor commodity prices and prevent any price manipulation.
The Ministry pointed out that it monitors commodity prices by using an electronic system. It controls the price manipulation by tracking the prices of more than 200 essential and food commodities, indicating that immediate commitments are applied in the event of unjustified contact.
It is indicated that price control takes place in three stages to avoid any price manipulation, and these stages are as following:
– Monitoring prices in all regions.
– Comparing the prices with prices in neighboring countries.
– Following up on any developments that affect the movement of supply and demand.
The Ministry of Commerce is Making a Page for the customers as a reference to give them tips on different topics and the possibility to report a situation or raise a complaint, including issues like price manipulation. The page can be reached through the following link: https://mc.gov.sa/ar/CustomerCorner/Pages/default.aspx
