THE House yesterday passed a bill allowing the government to set a price cap on certain basic consumer commodities.
The bill, titled “Fixing price ceilings (retail and wholesale) in special cases, Law of 2011”, gives the Commerce Minister powers to order a cap on the price of whole milk (1 litre), common bread, bottled water, Cypriot coffee and electricity.
It empowers the Commerce Minister to order a price ceiling for any of these items for a period up to 45 days.
Originally, the bill’s stated aim was to prevent profiteering. The legislation initially referred only to milk, bread and water.Read More