Traders warned against unauthorised price increases

Saturday, 30 October 2010 06:17 - - {{hitsCtrl.values.hits}}

Traders are warned against unilateral increase of commodity prices. It is the Consumer Protection Authority that has the sole authority to control prices said the Minister of Cooperatives and Internal Trade Johnston Fernando.

The Minister said this when he declared open the Information and Research Unit of the Consumer Protection Authority in Colombo yesterday. The Minister said that there was a buffer stock of over 2,000 tonnes of paddy in the government paddy stores and if the traders attempted to increase the price of rice on their own will, these stocks would be milled and released to the market to control the prices. He also said that raids to detect malpractices of the traders would be carried out without any interruption.

The new unit will monitor prices of products in the international and local market and ensure stability of commodity prices. The information gathered by the Unit will also help in importing essential commodities when the prices are low in the international markets.

The Minister also said that the prime objective of the government was to protect the consumers, and consumer societies would be established at Divisional Secretariat levels throughout the island. (niz).