This was a price increase of 261%.
Companies typically increase prices to counter increased demand. While some prices went up by over 200%, the commission says Dis-Chem increased its profit margin from 20% in February to 45% in March. This suggests some of the price increase was due to increased costs for masks from suppliers.
“People who sell these essential products ought to appreciate that these are literally life-saving items right now. They shouldn’t be exploitative and take advantage of cash-strapped consumers during the worst time in our history. We will spare no effort in protecting the consumer,” said Competition Commission commissioner Tembinkosi Bonakele in a statement.
The tribunal says it has been asked to adjudicate on the matter.