Authorities have asked local markets to reduce the prices of goods in wake of the recent drop in oil prices.

The Ministry of Commerce and Industry has started investigations into the false inflation of goods, particularly soft drinks in local markets, whose prices have jumped considerably in the past five years, a source said.

The ministry had earlier issued a decision, prohibiting retailers from raising the prices unless the ministry approves it in writing.

According to the source, the ministry will base its calculations on the time period of the decreasing oil prices compared to the period in which the prices of goods soared, before issuing a decision on cutting down the prices of good in local markets.