The Ministry of Treasury is currently drafting a new measure to give it the same control over the pricing of eight essential food items as it already has over fuel products like super petrol, diesel, and kerosene.
The Price Control (Essential Goods) (Amendment) Bill, 2024, introduced in Parliament, suggested granting the Treasury Cabinet Secretary the power to determine the minimum and maximum retail prices of commodities, such as maize and maize flour.
Other goods under observation include wheat, wheat flour, rice, cooking oil, sugar, and prescription medications.
According to the law, the CS must notify the sector via a Gazette Notice only after conferring with relevant parties.
If authorized, the CS will also be able to determine the minimum and maximum price of any items, categorize them as essential commodities, and designate the categories to which they belong.
The law also stipulates that costs, market conditions, and the significance of the items for economic growth may determine the minimum and maximum prices.
Therefore, before setting prices, the Treasury Ministry must take into account significant market disruptions, the importance of certain necessities, the strengthening of the domestic market’s competitive capacities, and consumer buying power.
After gazettement, the CS will have to designate a department to oversee and implement pricing restrictions.
The director of price control will be in charge of implementing price control directives, gathering and analysing market data, checking compliance, and keeping an eye out for unusual price rises.
Other responsibilities will include teaching the public about pricing, preserving extensive data on price variations, and recommending policies to the government based on analysis.
According to a portion of the law, “The Cabinet Secretary shall designate such public officers as are necessary to serve as price control officers in the unit for the proper and efficient discharge of the unit’s functions under this Act.”
