Saudi Arabia warns baby milk firms against raising prices
The Saudi commerce and industry ministry and the Council of Competition are investigating the exorbitant and recurrent price hike allegedly made by leading baby milk producers and importers in the country, Saudi Gazette has reported. This comes after inspection teams from the ministry and the council found that seven Saudi and foreign baby milk producers and importers have resorted to frequent hike in their products price. The ministry gave these firms two-week grace period to comply with the regulations with regard to pricing of their products. In case of failure to abide by the set rules, the ministry will impose stringent penal actions including fines worth 10% of the volume of sales, recovery of all the money earned by the firm through the violation, fines ranging between SR5,000 and SR50,000, closure of the shop from three days to one month, and publicising the verdict against them in the media at their expense.