The UK’s competition regulator has warned retailers and traders not to use coronavirus as an excuse to rip off customers and stated it would consider action against companies that charge excessive prices for goods or make misleading claims, reported The Financial Times.
Vendors have ratcheted up prices of soap, face masks, and hand sanitising gel in response to the spread of the virus on marketplace shopping sites such as Amazon, with one seller charging as much as £129 (US$166.86) for a 600ml bottle of anti-bacterial gel.
Andrew Tyrie, chair of the Competition and Markets Authority, said the watchdog would “do whatever we can to act against rip-offs and misleading claims, using any or all of our tools”. He said the agency would advise the government on further steps to take in cases where it could not take action. Amazon, in particular, has struggled to contain a rapid rise in prices as sellers have capitalised on panic buying triggered by the disease.
Hand sanitizer and respiratory face masks were in some cases being sold at a more than 2,000% mark-up to normal retail prices this week despite Amazon claiming it had removed “tens of thousands of listings” and was monitoring postings closely.
The surge in demand for such items has led to many pharmacies and supermarkets worldwide selling out and fuelled a global race to fulfil orders. The problem has been compounded by the fact that China is both the source of the outbreak and the supplier of half of the world’s face masks.
Full Content: Financial Times, Gov UK
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