Kuwait to likely revise prices of commodities, after Eid

The Ministry of Commerce and Industry will issue a new decision after the Eid Al-Fitr holidays, to cancel the earlier decision which was issued to streamline the food prices, saying the ministry officials during the last period reviewed the causes and repercussions of the decision and concluded that it is necessary to reconsider it.

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In the recent period, noticeable cargoes of goods and foodstuffs from Kuwait have been making a detour to other Gulf markets due to the price difference of up to 20 percent. The sources pointed out that a group of companies (food suppliers) recently contacted Minister Fahd Al-Sharia’an and conveyed to him the changes that have occurred in global markets, which led to fundamental adjustments in prices and explained to the minister the difficulty they face to ensure adequate food supply in the Kuwaiti market if the decision to fix prices continues because it puts the suppliers under pressure to bear the cost difference.