Turkey's competition watchdog fines 5 supermarket chains over price gouging

Turkey's competition watchdog fined five of Turkey's largest supermarket chains millions of liras over price gouging on Oct. 29.

Friday October 29 2021 04:20 pm

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Turkey's Competition Board fined five supermarket chains millions of liras for price gouging on Oct. 29.

The Trade Ministry had launched investigations into some of the country's largest supermarket chains after the president ordered an "operation" on the businesses that he blamed for the skyrocketing prices of essential goods.

The investigations led to the ruling that five of the biggest market chains had violated Article 4 of Law 4054, which bans hindering fair competition, and thus they were fined some 2.6 billion liras in total.

"Hindering competition directly or indirectly in a market for a good or service [...] is illegal and banned," the law reads.

Migros, Carrefour, BİM, ŞOK and A101 are the companies that were fined. Savola Gıda was also fined, although the amount was significantly lower than others.

BİM was fined over 958 million liras, Carrrefour over 142 million liras and Migros some 517 million liras.

President Recep Tayyip Erdoğan said on Oct. 7 that the government would open cooperative sales points across the country to allow the public affordable essential goods.