KUWAIT CITY, Feb 23: To address artificial price hikes, the Ministry of Commerce and Industry is set to develop and update the electronic system used for monitoring commodity price movements in the market, launching it for the 2024-2025 period. This price monitoring system will be fully electronic, allowing consumers to access a list of commodity prices from various points of sale and facilitating price tracking by both individuals and Ministry inspectors.

The system will track the prices of a range of basic and secondary commodities to help curb artificial price increases. It will allow for better price monitoring and enable comparisons between different sales centers. The Ministry of Commerce and Industry has set the final date for submitting bids as March 6, with an initial bid guarantee amounting to approximately 2% of the bid value, which must remain valid throughout its duration.

Additionally, the Ministry emphasized that the system will ensure the verification of prices for essential food items in cooperative societies and markets. Cooperative societies will be responsible for entering and updating price data, which will be continuously monitored and audited by the Ministry. This process will take into account global price impacts and the supply-and-demand system.