Minister of Commerce and Industry Fahad Al-Shariaan has affirmed that his ministry is closely monitoring prices of commodities due to the expected price hikes in light of the Russian- Ukrainian crisis and the recent decision of the Republic of India to ban wheat exports, reports Al-Anba daily.

In an exclusive statement to the daily, Al- Shariaan pointed out that India is the second largest wheat exporter in the world. Previously, studies were conducted to address the global crisis through the formation of committees in the Ministry of Commerce and Industry; particularly those in charge of control, business and consumer protection procedures, he disclosed.

Al-Shariaan added: “We have completed all the necessary preparations for this global crisis. We hope the crisis will not be prolonged.” Meanwhile, a source from the ministry confirmed the shortage of some food products, especially wheat. He said this requires an increase in the budget for subsidized goods to help citizens cope with the rising prices. The source revealed the Cabinet and the relevant committees will soon discuss steps taken by the ministry regarding the strategic stockpile; which will cover the needs of the people for 8-10 months, as well as some aspects related to India’s ban on the export of wheat./AT