Gov’t Price Interventions Are Unwanted, Unhelpful

The Majlis Research Center says the government(s) policy of pricing goods has been an exercise in futility and more often than not has failed to deliver.
A review of rules allowing administrative bodies to intervene, directly or otherwise, in pricing formulas shows the governments’ extensive role and oversized presence when it comes to dictating prices over the past three decades, the parliamentary thank tank said. 
The mandatory “pricing system per se has become an ultimate goal for the government rather than being an instrument of supportive measures,” MRC said in the report published on its website. 
It said hoarding, closure of production companies and suppliers’ refusal to sell at low prices are among the consequences of the governments’ unwanted and unhelpful   practice of intervening in the markets.