CAIRO – 26 February 2024: On Monday, the Egyptian House of Representatives approved a draft law designed to impose tougher penalties for hoarding essential goods amid rising prices in local markets.
The Cabinet introduced the draft law to amend the Consumer Protection Law 181/2018, focusing on maintaining the steady availability of strategic commodities at fair prices.
Under the new amendments to Article 71, those caught hoarding goods will face fines ranging from LE 250,000 to 3 million, or a penalty equal to the value of the seized goods, whichever is greater. This represents an increase from the previous fine range of LE 100,000 to LE 2 million or the value of the seized goods.
The amendments also grant authorities the power to revoke the licenses of vendors who hoard strategic items, as per Article 8 of the law.
Violators will face a minimum prison term of one year. Repeat offenders will incur double the previous fines and face imprisonment ranging from 2 to 5 years. Seized items will be confiscated, and offending retailers will be temporarily shut down for up to six months.
The revised law requires producers, sellers, and distributors to report the type and quantities of stored items that are not for personal use to the relevant supply and internal trade authorities.
In December, Prime Minister Mostafa Madbouly designated mixed cooking oil, fava beans, rice, milk, sugar, pasta, and white cheese as strategic products under the Consumer Protection Law. This move aims to regulate the market, ensure the availability of essential commodities at controlled prices, and deter monopolistic practices.
