The Ministry of Finance, National Planning and Trade, in collaboration with the Fair Trading Commission and Seychelles Licensing Authority, this morning, gave members of the media an update on the implementation of the Maximum Retail Price Order, which came into effect on October, 2022.
FTC said, since November, along with SLA, they have carried out 142 inspections, on Mahe, Praslin and La Digue.
While around 80% of retailers are respecting the Order, they have found that 31 retailers were in contravention with the Order, out of which 24 accepted to compound the offence, meaning they were willing to accept they were not compliant, and a fine was imposed. They have 14 days to pay the fine at the FTC’s Office, Unity House.
According to FTC, two retailers have refused to compound their offence, which in this case legal proceedings will be initiated, as per the Order.
FTC is waiting on the decision of the five remaining retailers who have not conform to the Order, whether or not they agree to pay the fine.
The Maximum Retail Price Order was effected in October last year, under the Control of Supplies and Services Act.
The MRP is imposed on only the 14 essential commodities imported and sold by the Seychelles Trading Company, STC, to ensure the price of these goods remains the same on all three islands.
It is part of a series of measures the government introduced last year, to help ease the high price of commodities, brought about mainly by the war in Ukraine.
MRP is imposed on onions, potatoes, sugar, rice, milk powder, flour, margarine, apples, oranges, toilet paper, sunflower oil, salt, infant formula and lentils.
The authorities have appealed to all retailers to respect the MRP Order and for members of the public to report cases of non-compliance.
The Ministry was represented by the Director General for Trade, Mr. Ricky Barbe, FTC by Mrs Nathalie Edmond, Deputy CEO and Mrs Jessica Larue, Deputy CEO of SLA.