UAE Authority urges companies to restore previous building material prices
Al-Eqtisad requests that businesses immediately return to the former rates for building supplies in accordance with today's Cabinet instruction to delay the enforcement of restrictions pertaining to the weights and dimensions of heavy vehicles.
It forbids price increases and promises severe financial penalties for violators, up to one million dirhams. The Ministry of Economy highlights that it is prepared to impose strict penalties on businesses that are discovered to be disobeying Cabinet orders or conspiring to artificially inflate the cost of building supplies. Callers can report price rises by sending an email to info@economy.ae or by phoning 80012222.
Responding to the Cabinet's decision, the Ministry of Economy in Abu Dhabi declared on February 19th that companies that recently raised prices for building materials must promptly revert to their previous rates. It stresses that stringent actions will be taken to prevent unjustifiable price escalations, including imposing fines of up to one million dirhams on violators. Following the implementation of cabinet restrictions in early February, the Ministry notes a surge in building material costs. It pledges to halt unwarranted price increases and uphold equitable pricing standards in the market amidst the postponement of the decision.
Companies exploiting the situation to raise prices face immediate accountability and financial fines under the Administrative Penalties Regulations. The Ministry is committed to curbing monopolistic practices and unjustified price increases to maintain stable and consumer-friendly markets. Any company seeking to raise building material prices must obtain prior approval from the Ministry, providing justifications for the proposed increase. The Ministry emphasizes cooperation with stakeholders to safeguard consumer rights and encourages reporting of price increases via phone or email.
The Council of Ministers' decision to postpone the implementation of heavy vehicle regulations underscores the government's commitment to studying measures to prevent unjustified price hikes. The Ministry of Energy and Infrastructure will conduct a thorough study on the decision's merits.
