The official spokesman for the Egyptian Cabinet Mohamed el-Homsani confirmed that the government decided Saturday to identify 7 commodities as strategic commodities and will set a maximum selling price to the consumer, yet not through a forced pricing mechanism.
The spokesman said during a call-in on Sada El-Balad TV, that the state is fully committed to market mechanisms, market prices, supply and demand, but at the same time this does not prevent it from preserving the state’s role in ensuring a fair and appropriate price for the final consumer.
El-Homsani added that the process is to find a balance point between production inputs and the final price that reaches the consumer, and there is concern for a fair price for the final product.
“We hope, in addition to the measures taken by the Ministry of Supply to monitor the markets and pump more goods in the markets with the implementation of the decision that was announced.”
He said that there is indeed an essential role for the Ministry of Supply in the control process, and a Permanent Committee has a role in monitoring prices.
7 Commodities are blended oil, beans, rice, milk, sugar, pasta, and white cheese
The Cabinet spokesman pointed out that the 7 commodities announced are a preliminary stage, and one of the tasks of the Ministerial Committee is to study market conditions, and it is very likely that other commodities will be added in the future if there is a need for that.
PM Mostafa Madbouly said in statements today that the state does not interfere in the pricing of the product that leaves the factory, but the goal is for it not to be sold at different and high prices.
Madbouly said that the state took a first step to prevent the prices of these commodities, which include sugar, rice, oil, milk, white cheese, beans, and pasta, from rising.
He stressed that the government supports all basic commodities to maintain the balance of prices and the market, and there are a number of initiatives to reduce prices, and the committee that was formed aims to control prices and establish a clear mechanism to control the market.
Today, Madbouly issued a decision stipulating that 7 commodities, namely: blended oil, beans, rice, milk, sugar, pasta, and white cheese, are considered strategic products, prohibiting the withholding of these goods and products from circulation, whether by hiding them, or not putting them up for sale, refraining from selling them, or in any other way, for a period of six months.
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