Gov’t to inriduce bill to regulate prices – PM

Georgian Prime Minister Irakli Garibashvili on Monday said his office would introduce a bill that would regulate high prices for oil and food in the country. 

 

He said he had instructed the economy ministry to propose the draft law, which he expected to be later approved by the parliament. 

 

“Importers will have defined margins, price increases, and retail will also have its own defined rules. It is very important for us to reduce prices, for the people not to buy basic products with unreasonable high margins. This affects our population”, said the PM. 

 

Garibashvili noted that “fair trade” had been included in the European Directive, which the country had to meet.

 

“Otherwise, it will not be right for us to implement some artificial interventions, therefore, we found a way to use the practice that Europe had already gone through”, he said.

 

He noted “the markup on the products was 70, 80, in some cases 100 percent”.

 

“This [law] will certainly help our people and reduce inflation”, the PM said.