The Unfair Price Evaluation Board has imposed fines totaling TL 152.8 million ($5.66 million) on 369 companies in Türkiye in the first six months of this year, according to a statement by the Trade Ministry.
The primary objective behind the establishment of the board was to effectively counteract actions that disrupt the market’s supply-demand balance, such as exorbitant price increases and stockpiling practices.
The board’s implementation has proven to be instrumental in safeguarding consumers’ interests and ensuring a fair and stable marketplace.
According to the official statement, price label inspections were diligently conducted in compliance with the Law on the Protection of Consumers and the Price Label Regulation. Throughout the first half of 2023, a comprehensive series of unfair price inspections took place across all 81 provinces, encompassing market inspections that targeted a grand total of 6,673 companies and 31,129 products.
Furthermore, due to the rising complaints concerning the automotive sector following the amendment of the Regulation on the Trade of Second Hand Motor Vehicles, 648 authorized dealers were thoroughly inspected by provincial directorates as of June 9, 2023.
This proactive measure aimed to address and mitigate any potential issues related to unfair practices in the second hand motor vehicle market, promoting transparency and accountability within the industry.
In the provided statement, detailed information and measures implemented by the Unfair Price Evaluation Board were disclosed.
“On Feb. 6, 2023, the Unfair Price Evaluation Board imposed administrative fines totaling TL 84,975,532 on 353 companies operating in e-commerce marketplaces. These companies were found to have engaged in exorbitant price increases for urgently needed materials following the earthquake that affected 10 provinces centered in Kahramanmaraş,” the statement said.
During the first six months of 2023, a series of inspections were conducted by provincial directorates of commerce and municipalities, targeting compliance with the Law on the Protection of the Consumer, particularly focusing on the Price Label Provisions and the Price Label Regulation. These inspections covered a substantial number of products, specifically 584,953 items, across 25,409 different workplaces.
As a result of these inspections, violations were discovered in 15,894 products, leading to the imposition of an administrative fine totaling TL 14,991,883. These measures serve to uphold consumer protection standards and promote fair pricing practices within the marketplace.
“As the Ministry of Trade, the fight against exorbitant prices is one of the issues we meticulously focus on, and our efforts to protect our citizens from different label pricing, hoarding actions, acts that disrupt the supply-demand balance and prioritizing the interests of our citizens will continue with sensitivity,” the statement added.
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