Price Manipulators Will be Fined Up to 1 Million Riyals

Saudi Arabia’s Commerce and Investment Ministry has announced price manipulators will be fined up to one million Riyals. Price manipulation will be considered commercial fraud. Consumers have been urged to continue reporting any cases of price manipulation. Those who do report cases will be given 25% of the fine paid. Those who report commercial cover-ups will be given 30% of the fine paid. Those who hide goods to imply a shortage in products to undermine competition will be fined 10 million Riyals. During its latest inspections, the Ministry has given 7,000 fines to institutions who have not followed the regulatory requirements. The fines varied from 1,000 to 50,000 Riyals. The Ministry is monitoring 116 products electronically and conducting site visits to check their quality and prices. They have also advised consumers against panic buying and those under 15 will not be allowed to enter stores or hypermarkets. Finally, Saudi and non-Saudi families have been urged by the health authorities to ensure their children continue receiving their immunisations. Full story

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