With the emergence of consumer cooperative societies, prices of essential commodities in the Kingdom are expected to fall by 20 percent, an expert has said. Dr, Nasser Al-Tewaim, chairman of the board of directors of the Cooperative Society of King Saud University's employees and an expert in cooperative field, linked the fall in prices to a package of concessions to these societies announced by the government. The concessions include an exemption from customs duty and direct import from the points of origin without the involvement of a third party. “When the societies go operational the prices of essential commodities will significantly fall. Other outlets would be left with no choice but to go along the cooperative societies and submit to the principle of supply and demand,” Dr. Al-Tewaim was quoted by Al-Riyadh on Monday. The success of consumer cooperative societies is assured, he said. These societies will end the monopoly of retailers and wholesalers and it is inevitable that they have to abide by the economic principle of supply and demand, he added. Dr. Al-Tewaim said the forum of cooperative societies in November will give great thrust to the concept of societies. The forum's theme is “Towards a better cooperative work,” he said. __
