• November 22, 2024

Price war in Kuwait

 Price war in Kuwait

The prices of some popular brands of cigarettes have been increased in Kuwait by as much as 60 percent despite the rises being labeled as illegal by the Ministry of Commerce and Industry, according to a story in The Kuwait Times.
Suppliers are not allowed to increase the prices of goods unless they obtain approval from the ministry, which is usually given for imported goods, such as cigarettes, whose prices have increased in their country of origin.
If suppliers increase prices without approval, they are liable to be fined.
In its report on Monday, the Times said that, ‘for the past few days’, many brands, especially the brands whose prices were to be raised were not available from most supermarket cigarette kiosks.
On Thursday, a copy of a new price list, supposedly valid from February 11, had been issued by the company importing some brands of cigarettes and had circulated on social media.
Many smokers dismissed the information as being based on rumors, because similar announcements had been made last year and two years ago, but were never applied.
But most supermarkets and shops on Sunday were said to be selling these brands at the new prices.
Some were said to have hidden other popular brands of cigarettes so people wouldn’t buy them.
The Times reported that it had contacted the consumer protection department of the ministry, where an inspector had confirmed that the increase was illegal, because the ministry had not given approval.
He said the department had received hundreds of complaints from consumers regarding the price hike.
The department’s inspectors, he said, had been working since the news of the price rise had spread on Thursday.
They had issued fines for selling cigarettes at the increased prices, and for hiding cigarettes, which constituted illegal hoarding of goods.