New Bill seeks to regulate prices of essential commodities

Nominated Senator Tabitha Mutinda. [Elvis Ogina, Standard] A Bill to regulate the prices of essential commodities has been presented to the Senate. The Price Control (Essential Goods) (Amendment) Bill, 2024, sponsored by nominated Senator Tabitha Mutinda, aims to ensure that these goods remain affordable for all Kenyans, especially low-income earners. If passed, the Bill will protect Kenyans from exploitative business practices by empowering the Finance Cabinet Secretary to stabilise prices and prevent essential goods from becoming unaffordable. Ms Mutinda said the Bill aims to prevent sudden price hikes in essential goods, which could harm consumer purchasing power and overall welfare. The Bill empowers the Finance Cabinet Secretary to prevent monopolies and oligopolies from using their dominant positions to artificially raise prices, protecting consumers who have limited alternatives. It also seeks to ensure access to essential goods during crises like natural disasters or public health emergencies, contributing to social stability and reducing economic inequality. Additionally, the Bill allows the Finance Cabinet Secretary to set minimum and maximum retail and wholesale prices for essential goods such as maize, maize flour, wheat, wheat flour, rice, cooking oil, sugar, and certain pharmaceutical drugs. The Bill also grants the Finance Cabinet Secretary the authority to declare any goods as essential commodities through a Gazette notice. "The Finance Cabinet Secretary will be required to determine the minimum and maximum prices of the commodities in consultation with the industry and determine the category of persons to whom the minimum and maximum prices of the commodities shall apply," said Mutinda. The Finance Cabinet Secretary will be required to determine the period of time in which the prescribed minimum and maximum price of the commodities shall apply and in consultation with relevant ministries prescribe various financial and tax incentives for farmers, manufacturers and retailers growing, manufacturing and retailing prescribed essential commodities. In setting these prices, the CS must consider maintaining minimal restrictions on competition while reflecting normal market conditions. Additionally, the Finance CS will be tasked with addressing severe market disturbances that could cause price fluctuations, especially when these essential goods are crucial for economic development.

New Bill seeks to regulate prices of essential commodities

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New Bill seeks to regulate prices of essential commodities

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