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Covid-19: Price lockdown – Prohibition against unreasonable price hikes explained. Excessive pricing, what it is, factors to be considered when determining excessive pricing, the responsibility of retailers and suppliers to prevent it, and the powers of the Competition Tribunal to swiftly make appropriate orders.
Suppliers of items like toilet paper, surgical masks and even basic foodstuffs have an almost unprecedented ability to manipulate and profit from radical price increases. Thankfully, on 19 March 2020, the Minister of Trade and Industry, Ebrahim Patel, stepped in to prevent such abuse.