The Bill concerns the products listed in Annex I to the Bill and its amendments from time to time. These products are currently milk, bread, water, coffee, barley and corn. It is noted that the above products are mainly of domestic production.

The Highest Prices for Wholesale and Retail Sales Prices in Special Cases (Amendment) Law of 2022

1. The Highest Prices for Wholesale and Retail Sales Prices in Special Cases Laws of 2012 and 2018 allow theMinister for Energy, Commerce and Industry to issue a decree setting, for a period of up to forty-five (45) days, under specific circumstances, highest wholesale and/or retail sales prices for all or some of the products listed in the Annex to the Law (milk, bread, water, coffee, barley, corn, electricity).

2. The purpose of this Bill is to amend the Highest Prices for Wholesale and Retail Sales in Special Cases Laws of 2012 104(I)/2012 and 2018 146(I)/2018 and in particular Article 4, in order to extend the scope of the Minister’s powers so that, in addition to the possibility of setting a highest selling price of products, the possibility of setting a maximum gross profit margin is included.

3. In accordance with the provisions of the Bill, the Minister may issue a decree setting, for a period of up to 45 days, highest selling prices for all or some of the products listed in Annex I and/or the basic raw materials by which those products are manufactured/produced, where the level of prices at which those products are marketed in the Republic is too high than justified by international and domestic conditions, and when particularly difficult conditions prevail on the market which impose restraint on price increases in basic consumer products in order to protect consumers, in particular when the profit margin of traders is too high.