News Release: Hamilton, Bermuda – The public and local retailers are reminded of the legislation prohibiting price gouging, particularly during times of national emergencies.
Price gouging is defined as “a seller increasing the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent”.
A Government spokesman added: “Usually this event occurs after a demand or supply shock. Common examples include price increases of basic necessities after hurricanes and other natural disasters.”
Under the Consumer Protection Act 1999, the penalty on summary conviction is 6 months in prison or a $10,000 fine or both, plus the Magistrate can also grant compensation.
At a time when we all need to come together, it is important that all of us play our part in protecting our island from the health and economic impact of the coronavirus.