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Tue 13 Jan 2009 07:52 AM

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Nestle reduces milk product prices by 15%

Move comes as UAE Ministry of Economy tries to cut cost of essential goods.

Nestle has agreed to reduce the prices of milk products by 15 percent, in line with the UAE Ministry of Economy's efforts to reduce essential commodity prices.

Dr Hashim al-Nuaimi, director of Consumer Protection Department at the Ministry, said that it was committed to strengthening co-ordination with the suppliers of various essential commodities to ensure that the prices are reduced.

He praised the initiative of Nestle in reducing milk products prices and said that it reflected their corporate social responsibility towards the UAE consumers.

“The Ministry is keen to ensure market stability by preventing manipulators from hiking commodity prices,” Nuaimi said. “We will take serious actions against any attempt aimed at disrupting the market equilibrium.”

Nuaimi recently chaired a meeting with the milk suppliers from all over the UAE and discussed the issue of reducing milk powder prices to match the 50 percent fall of milk prices internationally.

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