Ministry of Economic Development has announced that they have imposed price controls on onion, potato, egg, and yellow lentils.
Economic Ministry has stated that the price ceiling for a kilo of onion is MVR 20, for a kilo of potato is MVR 20, for a kilo of yellow lentils is MVR 45 and for an egg is MVR 1.80.
If these products are sold higher than the imposed maximum price, guilty parties will be fined up to MVR 100,000 for the first violation, and for each repeated violation they will be fined with MVR 100,000. Businesses will also be suspended for up to six months for repeat violations.
Ministry has also revealed that prices will be revised on a weekly basis.
The price controls will be effective on all residential islands from 6th April onwards.
Full details are available at the link below:
Source URL: Corporate Maldives