The Ministry of Trade will introduce an “estimated price range” such as a price formula to provide construction material to the people at a fair price.
A range of estimated prices will be introduced for construction material including cement, paint, steel and electrical wires. The Customs, Ministry of Finance, Consumer Affairs Authority and the Ministry of Trade have considered the total spent on importing, import taxes, custom duties and other import charges when it reaches the consumer to introduce the new price range.
Thereafter, the consumer could identify the actual price of the particular item. A range of estimated prices has already been introduced for essential food items. The price range will be updated every Tuesday.
When a trader sets an unfair price, consumers could complain to the Consumer Affairs Authority or take legal action.
Consumers could also access information whether traders are making excessive profits and the estimated price range will be provided via the media and online.
