Commerce Ministry Fined 61 Million Lira for Excessive Pricing

The Ministry of Commerce has issued a statement regarding the imposition of a hefty fine on businesses that engaged in exorbitant price increases and stockpiling. According to the statement, an administrative fine of 355 million 804 thousand 957 liras was imposed on these businesses.

The Unfair Price Assessment Board of the Ministry of Commerce took action against businesses found to have increased prices excessively and hoarded goods in 2023. During a meeting held on May 2, 2024, the board specifically addressed issues such as exorbitant price increases in basic food and necessity products, stockpiling in the automotive sector, price hikes in the ready-mixed concrete and cement sector, and violations of bread price tariffs.

As a result of their investigations, a total administrative fine of 61 million 66 thousand 431 liras was levied on the businesses identified by the Unfair Price Evaluation Board. The Ministry of Commerce stressed its commitment to implementing necessary measures to combat actions that negatively impact consumers by disrupting market pricing behaviors.

This decisive action from the Ministry of Commerce serves as a warning to businesses engaging in unfair practices, and underscores the government’s dedication to protecting consumers from price gouging and hoarding. Business owners are advised to comply with regulations and pricing standards to avoid similar penalties in the future.

 

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