Chicken Coup: Prices set to drop in Saudi after Twitter storm
Poultry importing companies and major supermarkets are now competing to introduce a price-reduction up to 10 percent. This initiative follows the Ministry of Commerce’s announcement Sunday that Othaim Markets will sell imported chicken at cost price and Al-Munajem Group’s stores, the largest poultry importer, will sell the same product at 10 percent discount. Panda stores also decided to sell chicken at cost price until the end of 2012.
Othaim and Al-Munajem decided on their price reductions on imported frozen and refrigerated chicken, said a ministry official, adding that they coordinated with the ministry. The official said he expected more initiatives from other traders in the next few days.
He said the ministry would continue its meetings with chicken producers and importers to discuss the situation of the product and its prices in the local market.
“The companies’ reduction of prices together with the ministry’s decision to ban poultry exports will reflect on the market and quantities will be available at reasonable consumers prices,” said the official.
The ministry thanked local companies that initiated price reductions, saying that they acted out of their patriotic sense.
- The chicken and the egg: Goldman Sachs oil price slashed forecast brings prices down to six year low
- The coup attempt that started a war: Israel’s invasion of Lebanon, its causes and consequences
- A dangerous possibility: why the world might be on the brink of an oil price war
- A brief history of Iraqi oil- and its future