Customers buying fish from a vendor at fish market.
The Ministry of Commerce and Industry has said that fish prices declined about 23 percent during the past four months compared to same period in 2018 thanks to the daily bulletin of fish prices.
The popular king-fish (locally called Kanad) witnessed an average price fall of about 26 percent during the period of study from September 9, 2019 to December 30, 2019, compared to the same period in 2018.
The price of Siganus rivulatus (Safi fish) declined 30 percent, said the Ministry in its consumer report on the prices of fish and seafood, issued in January. In month to month comparison, the fish prices went down by 32 percent in October followed by 27 percent in November and 24 percent in December 2019 compared to the same period in 2018.
The Ministry started issuing a daily bulletin of the maximum prices for selling fish and seafood from September 9, 2019, which helped in stabilising the prices of fish and seafood in the local market, where the compulsory price bulletin issued by the ministry on a daily basis took into account the benefit between the relevant parties (the fisherman, merchant and consumer).
The bulletin achieved a balanced profit margin for both the fisherman and the trader and maintained reasonable and appropriate price levels for the consumer, through conducting studies and comparisons of the types and prices prevailing during the current period and comparing them with price averages in the same period during the past years to find reasonable profit margins for both the hunter and the trader.
The Ministry indicated that it has sought through this procedure to provide the types of fish at reasonable and balanced prices, in order to limit unjustified price increases.
The Ministry also carried out inspection campaigns during the previous period on sales outlets and consumer complexes to monitor the lack of compliance by sales outlets and consumer complexes with the compulsory bulletin of fish. And seafood. These campaigns come within the framework of the Ministry of Trade and Industry’s keenness to monitor the markets and commercial activities in the country in order to control prices and detect abuses in order to protect the rights of consumers.
The initiative of issuance of daily price list comes within the framework of the Ministry’s role in overseeing and regulating markets in line with its jurisdiction and taking the necessary measures to protect consumers, combat commercial fraud, promote competition and prevent monopolistic practices.
Through the initiative, the Ministry aims to maintain a balance in the relationship between consumers and suppliers or merchants, in order to protect the commercial and economic environment.
The initiative emphasised the importance of abiding by the maximum prices outlined in the daily bulletin, displaying the bulletin in a prominent and clear place and providing the buyer with a detailed invoice. The initiative also compels merchants to comply with the storage conditions of fish and seafood in accordance with applicable health and safety standards.
