Competition Council warns retailers over unjustified price hike due to coronavirus panic

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Competition Council has warned retailers not to increase prices those days amid consumers’ growing demand, as authorities can resort to exceptional measures to stop unjustified price hikes, the Competition Council president, Bogdan Chiritoiu stated on Friday.

The council is monitoring the price of medicines, medical equipment and other products where the demand is high. Chiritoiu said that the companies that are taking advantage of these moments of panic and increase prices very much risk being fined.

The competition watchdog argues there are legal provisions that allow state authorities to cap prices for certain products, a measure that has already been taken by some European state the past days in the case of protective masks.

Chiritoiu said there is the risk that some companies would take advantage of these circumstances and to “fuel” some unavoidable situations and the price hikes would be even higher than they would normally be. However, he explained that no matter how fast these situations would be identified, it takes months for a sanction to be applied, Agerpres reports.

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