Liberia’s ministry of commerce and industry has slapped a $25,000 fine on Fouani Brothers Corporation for hiking the price of eggs, which is a violation to the competition law of 2016, local online website, Daily Observer said.
The foreign investment firm has been given 72 hours to pay the fine, the minister of Commerce, Wilson Tarpeh said. The company raised the prices of eggs from $35.89 per carton, containing 360 eggs to $70 per carton.
According to the country’s competition law, Section 5.7 imposes a monetary penalty for any violator in an amount not exceeding US$100,000.
“When authorities at the ministry confronted Fouani on February 23 with the evidence, which included Import Permit Declaration (IPD), supplier invoices, sale invoices, custom payments and port charges among others, Fouani admitted to the violation without any contestation and pleaded for mercy and leniency, indicating this was the first offense, “Tarpeh said.
According to the minister, an investigation is underway to identify the cause of shortage of eggs and the increase in its price.
The minister further stressed that it is unacceptable to hike prices for essential commodities such as eggs, gasoline and food items.