A number of consumer protection agencies called on Supply Minister Mohamed Abu Shady to go back on a decision to implement tariffication, saying this decision is illegal and unfeasible.
They argued monitoring the market and setting criteria for prices is much more realistic.
Zeinab Awadallah, the head of the Consumer Protection Agency, said Article X of the law on investment incentives states that the administrative bodies may not interfere in the determination of prices or profit margins, saying trafficiation is illegal.
She told Al-Masry Al-Youm that the decision ignores “monopolization mafias” and targets the simple traders. A decision should have instead been made to reduce prices and determine a profit margin that goes in line with the amended laws.
Amir al-Komy, the head of the Monitoring and Quality Association, said the decision is part of the minister’s faulty policies that cannot be followed in a free economy.
He added that to resolve the crisis, the reasons for the increase in prices should be tackled and the lifecycle of products understood.
Meanwhile, Abu Shady welcomed a proposal by commerce chambers to establish a commodity exchange, adding that the ministry supports any mechanism that can control the market and protect the interests of citizens.
In statements on Tuesday, Abu Shady said he met on Monday with Ahmed al-Wakil, the head of the Federation of Egyptian Chambers of Commerce, where they discussed the Turkish experience in this field.
A committee was formed with members from the Scientific Research Academy, the Arab Organization for Industrialization, the bakery sector and the cereals industry chamber to come up with a model for bakeries that would develop the current system.
The minister also said that since guideline prices have been set for the market at the beginning of this week, 260 violations have been detected, adding that monitoring campaigns will continue.
Edited translation from Al-Masry Al-Youm and MENA
