MINISTER: Responds to criticisms of price controls in the market

The Consumer Protection Service continues to seamlessly carry out its mission of safeguarding a healthy competition framework and protecting the financial interests of consumers, reports the Ministry of Energy, Trade and Industry (YEEB).

In a statement issued on the occasion of announcements and statements by organizations and party representatives in relation to price controls in the market, the Ministry notes that "the Service competently constantly undertakes legislative and other initiatives and actions aimed at practical support and better information of consumers, thus contributing to the Government's wider effort to deal with punctuality, which is a global phenomenon".

Among other things, it is emphasized, "the Consumer Protection Service is in the final stages of preparing an important tool for consumers in terms of transparency and the ability to compare prices, moving rapidly towards the implementation of the e-kalathi digital platform, which will be launched on end of the year, while also working on the completion of the debate and the passing of the bill to set a maximum selling price for water and/or other products, in markets where, in reality, sufficient competition cannot develop".

The Consumer Protection Service continues to seamlessly carry out its mission of safeguarding a healthy competitive framework and protecting the financial interests of consumers, the Ministry says.

At the same time, it is pointed out that "with modernized methods, it monitors daily the fluctuations in the prices of fuel and other basic products, intervening where and where deemed appropriate".

The Service has also intensified its efforts to educate and inform businesses about the current legislative framework, has adopted an upgraded monthly Price Observatory, which gives the consumer an objective comparative picture of market prices for 250 products in 400 stores throughout Cyprus and has proceed with synergies with other government agencies and bodies for the effective shielding and protection of consumer interests.

Finally, it is emphasized that "the Ministry of Energy, Trade and Industry reaffirms that it remains steadfast in the faithful implementation of the Government's goals and work, welcoming constructive and productive suggestions and rejecting any nihilistic approaches, which discredit the government's work and shake its confidence audience".

Source: stockwatch.com.cy

Photo: stockwatch.com.cy