The Ministry of Commerce and Industry's competition commission has fined 56 companies SR222 million for price manipulation.

Mohammed bin Abdullah Al-Qasim, secretary-general of the commission, said companies have the right to become dominant players in a particular market. But they do not have the right to abuse their position by imposing unfair and discriminatory trade conditions on suppliers or distributors, setting unfair increases, using aggressive pricing to drive out new competitors, or resorting to methods that harm economic enterprises or consumers.

Speaking during a meeting at the Makkah Chamber of Commerce and Industry on Friday, Al-Qasim said that the government wants to encourage competition, and eradicate business practices that restrict it. The commission aims to enhance efficiency by providing balanced development of economic activities, achieve better distribution of resources at fair prices, and create a competitive environment attractive for investments, he said.

He revealed that the commission is currently investigating medical gas suppliers. It received a complaint from the Ministry of Health that suppliers had raised prices from SR38 million to SR117.4 million after three years.