RIYADH: The Ministry of Finance has signed contracts for the immediate import of barley as an emergency move to alleviate the acute shortage of cattle feed in the domestic market.
The consignments of 2.7 million tons of barley will start arriving in various Saudi ports from early August. Delivery under this emergency measure will continue through September, the Saudi Press Agency reported on Friday quoting a ministry statement.
The ministry will also sign contracts to import an additional 3.5 million tons of barley to replenish the market from October to December.
Currently a daily average of 800 truckloads of barley, or 400,000 bags weighing 50 kg each, are being sent to markets from ports of entry.
Custodian of the Two Holy Mosques King Abdullah recently ordered a 50 percent hike in the total cattle-feed subsidy in an attempt to stabilize prices.
“Those who inflate prices of essential commodities, particularly of barley and other animal feeds, are subsidy-stealing thugs,” Royal Court Adviser Abdul Mohsen Al-Obaikan told Al-Madinah daily recently.
Shoura Council member Osama Qabbani criticized traders who attempt to monopolize markets by creating artificial shortages.
Economist and Shoura member Zainal Abidine Beri said the Ministry of Commerce and Industry should take firm steps to counter illegitimate price hikes, and he urged the public report incidents where traders attempt to gouge customers.
Punishment for illegitimate price hikes include shutting down businesses. Traders also risk losing subsidy payments if they do not adhere to the price stabilization that the subsidy payments are meant to ensure.
Comentarios
Publicar un comentario