Some 400 companies fined over exorbitant prices, stockpiling

ANKARA

A total of 369 companies, including supermarkets, e-commerce platforms and automotive firms, have been fined 152.8 million Turkish Liras ($5.67 million) in the first six months of 2023 over exorbitant price increases, the Trade Ministry has said.

The ministry noted that the law on regulating retail trade was amended and fines were introduced on those, who engage in stockpiling, excessive price hikes and practices which distort the supply-demand balance in the markets.

In the first half this year, officials inspected 6,673 companies and 31,129 products in 81 provinces of the country, the ministry said in a statement.

Following those inspections, 353 companies operating in e-commerce marketplaces were fined around 85 million liras. Those companies were found to have exorbitantly increased prices of materials which were urgently needed in the wake of the February earthquakes.

Moreover, 13 automotive companies were fined a total of 67 million liras for stockpiling.

Authorities also fined three supermarkets around 1 million liras over excessive price increases.

The ministry added that more than 25,000 businesses and 584,953 products were inspected in the first six months of 2023 to see whether the companies violated the “price tag” provision of the law on the protection of consumers.

Authorities found violations in 16,000 products and issued administrative fines, totaling 15 million liras.