ICP wants prices of commodities monitored

10 years, 1 month ago - February 21, 2011
The Institute for Consumer Protection (ICP) has proposed to establish a mechanism to monitor prices charged by retailers.

Yusuf Jhugroo from ICP issued a press release titled, ‘The initial objective of a price observatory, proposed by the ICP was distorted as it is being used as a political tool’. The press release states that prices are increasing and the government is not acting.

It says that it is the consumer who has to bear the brunt of a bad government policy that no longer has control over business practices. “The proposition of the ICP for the establishment of an observatory of prices is and is used for
political ends,” it states.

According to the ICP, when prices increase overseas, it affects the local prices. But when there is a fall in prices on the international market, traders do not adjust prices accordingly. So, ICP recommended that it is important to establish a monitoring mechanism to ensure that prices charged by retailers are fair.

The ICP has explained how the market price observatory works and how useful it is. “The main purpose of the observatory of prices that we propose was to act as a mechanism to administer a system of control over the prices charged by merchants. This mechanism serves as a means to determine whether the prices charged are justified.

Text by the Independent

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