DUBAI: The UAE government has imposed fines of more than Dh200,000 on food traders introducing “unjustified price increases” after a surge in demand for staple goods fuelled by Iranian attacks, The National reported.
The Ministry of Economy and Tourism said on Tuesday it had carried out more than 7,000 inspections of retailers to prevent vendors from seeking to exploit the current crisis.
The authority said the clampdown had uncovered 567 breaches, most of which were for unreasonably high prices.
The ministry has issued 449 warnings to traders, suppliers and sellers and handed out Dh207,250 in fines since Iran’s strikes on the Emirates began. It said it was “intensifying monitoring efforts” to ensure price stability, particularly for nine essential goods; cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread and wheat.
The price of these items cannot be raised without approval from the ministry and a national committee set up to assess food costs.
The ministry said price rises had been observed over the past two days on foods such as onions and tomatoes. It said these increases were “natural and limited”, prompted by the current developments in the Gulf. It confirmed that additional quantities of the commodities being sold at an increased price have already been provided to ensure a stable supply to the markets.
The ministry said the quantity of essential goods available in the UAE are sufficient. It stressed there is no cause for concern over availability and said prices were expected to return to “normal levels” as supply continues to increase.
The ministry said the UAE possesses a strategic stockpile of essential goods that can cover market needs for up to six months. It said shipping and supply movements are running normally and regularly through various entry points, and supply chains are operating efficiently.
It urged the public to purchase goods only as required and to avoid hoarding or excessive purchases to help ensure price stability and availability.
Abdulla bin Touq, Minister of Economy and Tourism, called for calm and said the UAE held a comprehensive stock of goods, sufficient for long and reassuring periods of time.
