In connection with the Decree of the Government No. 120 of 2022 on the rules and principles of price formation for consumer goods in the country, the Ministry of Economics provided producers and suppliers with a service for submitting applications for price increases on essential goods. After submitting applications, they will be coordinated, a decision approved, and then a final response will be directed to the companies.
The ministry emphasized that there are no collection requirements for the provision of this service, which is available 24/7. It was also noted that requests for price increases on essential consumer goods are limited to products such as eggs, poultry, vegetable oil, sugar, dairy products, beans, bread, semolina, and rice.
The ministry clarified that the time frame for the provision of the service is 15 working days, and the target audience includes all companies. For considering the application for price increases from the enterprise, it is required to submit six documents, including current and new prices, the requested percentage increase, production costs over the past three years, the company's budget for the past three years, as well as prices for similar products in the country and in the countries of the CIS.
The ministry also specified that the company must choose the service from a list of electronic services, enter the system, fill out the data on the request, and provide the necessary documents. In case of necessity, the ministry will send a request for additional information, and then will make a decision on the application.
Recent changes in price formation for essential consumer goods will start to take effect from January 2025 and will affect products such as vegetable oil, eggs, dairy products, rice, sugar, poultry, beans, bread, and semolina. Other goods and products will be subject to competition rules regarding proposals and requests. The decree prohibits price increases without prior agreement from the Ministry of Economics and also presumes control over prices in cooperation with the economic development agencies and competitive entities.
