Authorities mull harsher fines for stockpiling

ANKARA

Harsher fines are being considered for stockpiling and exorbitant prices, Trade Minister Ömer Bolat has unveiled, noting that respective legislation will be submitted to parliament.

“We have completed our work as part of the efforts to fight excessive price increases. Soon we will forward it to parliament,” Bolat said in an interview with private broadcaster CNN Türk.

The lower limit of fines to be imposed on companies that charge exorbitant prices will be increased from a current 52,500 Turkish Liras to 80,000 liras, while the upper limit will be hiked from 525,000 liras to 800,000 liras, the minister explained.

The government is mulling even harsher measures for stockpiling, including temporarily closing down businesses for up to 15 days, according to Bolat.

According to the draft legislation, the upper limit of fines for stockpiling will be increased from a current 2 million liras to 11 million liras, the minister said.

“We are in an uncompromising fight against stockpilers,” Bolat said.

The minister once again refuted claims that Türkiye sold jet fuel to Israel.

“They [Israelis] purchased jet fuel in tourist destinations such as Antalya in October, November [last year]. Some 800,000 Israeli tourists visited Türkiye,” he said.

Jet fuel was sold to commercial planes, not to military planes, the minister added.

Türkiye earlier this month started to impose trade restrictions on Israel over the war in Gaza, covering a range of products, including cement and steel and iron construction materials.

On April 9, the Trade Ministry announced that exports of 54 types of products to Israel were restricted with immediate effect.