Time to Clamp Down on ‘Price Gouging’ During a Global Crisis!

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 Friday, March 13, 2020 - 11:17 Leo Olivero

One of the most disgustedly, worrying and upsetting (to many) elements of any crisis, is the way in which some, see it, as an opportunity for price gouging even fraud if they can get away with it!

Well it’s happening in Gibraltar, I’m only surprised, that few, openly complain about it in public. Preferring instead, to pay through the noses, then exposing these people who take advantage of this global health emergency. A worldwide crisis in fact, that is yet to really take off in Gibraltar.

It is now, when the authorities, must be clamp down to stop to this kind of unethical behaviour!

Price Gouging …is a term, referring to when a seller increases the prices of goods, services or commodities to a level, much higher than is considered reasonable or fair, and considered exploitative, potentially to an unethical extent. The term, is in fact similar, to profiteering, but noted as short-term and localised, depending on the commodity which is in short supply or in demand.

Charging “unacceptable high prices” for essential items in short supply, prior to a crises or disaster and during the early recovery period… should be illegal. If it’s not, then it should be. I’m sure, this is where a government’s emergency powers during a crisis, would be wholly applicable and justified!

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13-03-2020 PANORAMAdailyGIBRALTAR