By John Smith • 25 March 2020 • 14:07
THE Gibraltar Office of Fair Trading (OFT) has received numerous complaints in respect of businesses allegedly profiteering from the sale of goods that are in short supply and key towards the mitigation of the spread of the virus.
These goods include;
Therefore, in order to protect vulnerable consumers who in the circumstances may be willing to pay unreasonably inflated prices for these items, and to ensure that no one is taking advantage of the current crisis the government is introducing price control measures in relation to these high demand goods.
These controls will mean that a business shall be unable to sell or offer for sale any of these goods with an increase of more than 10 per cent above the price for which they were sold prior to March 15, 2020.
Where the business is unable to source the goods at the same price as prior to March 15, 2020 they will be allowed to raise prices to no more than 20 per cent over the price paid for sourcing the goods in Gibraltar.
All traders who have not previously traded in these goods may only sell these goods for no more than 20 per cent over the price paid for sourcing the goods in Gibraltar.
A contravention of these restrictions may result in a fine of up to £10,000.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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