Price-fixing move ahead of Ramadan

The Istanbul Food Wholesalers Market (İGTOT) has announced that prices for staple food items such as dairy products, oil, pulses, and dates will be fixed throughout the month of Ramadan. İGTOT President Mustafa Karlı stated that the decision was made following a meeting with shopkeepers and announced that they would forgo profit margins.

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With only a few days left until the month of Ramadan, the Istanbul Food Wholesalers Market (İGTOT) has announced to the public that it will implement a price-fixing policy on certain staple food products. According to the statement, the practice will remain in effect throughout the month of Ramadan.

Under the decision, there will be no price increases on many staple product groups, primarily dairy products, sunflower oil, rice, dried beans, various types of lentils, and dates.

DECISION MADE AFTER SHOPKEEPER MEETING

In the information provided by İGTOT, it was stated that the price-fixing decision was made following a meeting held with the market's shopkeepers. Making a statement after the meeting, İGTOT Chairman of the Board Mustafa Karlı expressed that similar practices have been maintained during previous Ramadan months.

Karlı said, "Just as we do every Ramadan, we have fixed the prices of all food varieties for this Ramadan as well."

"WE WILL SACRIFICE OUR PROFIT MARGINS"

In his assessment regarding the purpose of the practice, Mustafa Karlı emphasized that they are acting with a sense of social responsibility during the month of Ramadan. Karlı stated, "Our goal is to perform a charitable act during Ramadan. During this process, we will sacrifice our own profit margins."

SELF-REGULATION MECHANISM AMONG SHOPKEEPERS

Stating that an inspection process will be carried out within the market to protect prices, Karlı announced that all shopkeepers have been informed. Karlı said, "We will regulate ourselves. A product we have fixed today will not be sold at a different price by another shopkeeper tomorrow. We are determined on this matter."

COORDINATION WITH STOCKS AND FACTORIES

İGTOT President Karlı also conveyed that they have taken precautions against potential price increases. Stating that they are in communication with factories, Karlı said they do not expect any price adjustments during Ramadan.

Karlı expressed that in the event of a possible increase in costs, existing stocks could be used to subsidize prices.