Custodian of the Two Holy Mosques King Abdullah has said a zero-tolerance approach will be applied to those who try to fix prices on certain consumer goods, reported the Saudi Press Agency.
The king reiterated his resolve to take stringent punitive measures against violators of regulations and instructions in this regard, said Commerce and Industry Minister Tawfiq Al-Rabiah.
The minister said King Abdullah has been closely monitoring the consumer market keenly.
He added: “During three meetings held in the first week of Ramadan, the king directed me to make available all goods and services to people at reasonable prices.
“The king also warned traders against resorting to any forms of commercial fraud.”
King Abdullah commended the ministry for the procedures taken with regard to real estate and other failed shared businesses.
Al-Rabiah said: “The king has directed to strive to find quick solutions for the affected shareholders and ensure their rights are upheld.”
The minister thanked King Abdullah for his continuous interest in consumers.
He added: “The king is always keen to make life easier for people as well as remove any hurdles to ensure an adequate supply of goods and services for all consumers while maintaining top quality and reasonable prices.”