Ministry announces: 61 million lira 'hoarding' fine

The Ministry of Trade announced that the Unfair Price Evaluation Board has imposed 61 million TL in fines on businesses engaged in exorbitant pricing and hoarding.

The statement also noted that over 355 million liras in punitive measures were applied in 2023.

The statement from the Ministry is as follows:

"In 2023, administrative fines totaling 355 million 804 thousand 957 liras were imposed by the Unfair Price Evaluation Board on businesses found to have engaged in exorbitant price increases and hoarding.

At the meeting of the Unfair Price Evaluation Board held on May 2, 2024, issues including, primarily, exorbitant price increases in basic food and essential products in supermarkets; hoarding activities in the automotive sector, exorbitant price increases in the ready-mixed concrete and cement sectors, and sales contrary to bread price tariffs were taken onto the board's agenda and examined.

Consequently, administrative fines totaling 61 million 66 thousand 431 liras were imposed by the Unfair Price Evaluation Board on businesses found to have engaged in exorbitant price increases and hoarding.

As the Ministry of Trade, we will continue with determination to implement the necessary administrative measures against actions that disrupt pricing behaviors in the markets and negatively affect consumers."

News Source: 12punto