Price controls on egg, onion, potato; violations will be met with MVR 100,000 fine

Economic Ministry, on Saturday, announced the decision to impose price controls on key food products - eggs, onions, potatoes and yellow lentils.

According to the Economic Ministry, the ceiling price of a kilo of onions is MVR 20, the ceiling price of a kilo of potatoes is MVR 20, the ceiling price of a kilo of yellow lentils is MVR 45, and the ceiling price of an egg is MVR 1.80.

The price controls will take effect on all residential islands on Monday, April 6.

If any of the products is sold above the ceiling price, guilty parties will be fined by up to MVR 100,000 for first violations, and fined by up to MVR 100,000 and suspension of business for up to six months for repeat violations.

The decision to impose and expand price controls on the key products in all residential islands comes after the State Trading Organization (STO), on March 28, slashed prices and limited the quantity of eggs, onions and potatoes sold at its supermarket in Male’, following a hike in market prices.

A kilo of onions in the local market has risen to MVR 25, a kilo of potatoes to MVR 30, and an egg to MVR 2.30.