MP: Goal of Price Tracking System is to prevent artificial price increases & monopoly

By Sara Ganjiyeva

Recently, intensified measures have been planned in the direction of increasing price manipulation, ensuring a competitive environment in Azerbaijan, and increasing the quality of consumer products. For this purpose, the "Price Tracking System" is expected to be implemented. The system aims to strengthen competition and ensure development in the economy of Azerbaijan, it is intended to strengthen control over price manipulation against market subjects who indulge in competition violations, market sharing, and price manipulation.

First of all, it paves the road to achieve the normalization of sales prices by increasing market competition in general and improving the quality of products. The main purpose of this is to prevent market entities from manipulating prices, as well as to strengthen partnerships and create an effective, healthy competitive environment. The measures taken will serve the rapid development of Azerbaijan's economic markets and the protection of consumers' interests. Thus, it is important to properly monitor the results of these steps and ensure security to prevent price manipulation.

In a comment to Azernews on the issue, economist and MP Vugar Bayramov said that along with the formation of the price monitoring system, measures to fight against the manipulative position in the market as a whole will be reflected here. The main goal is to prevent artificial price increases.

" Here, of course, we are talking about the implementation of the activities provided for in the competition code. Especially, if we take into account that both the formation of the price tracking system and the measures to fight against the manipulative position in the market as a whole will be reflected here. The goal is to prevent artificial price increase and prevent monopoly prices," said the economist expert.

Vugar Bayramov emphasized that price manipulation means artificial price increases. Therefore, the adoption of the new exchange rate is important in terms of optimizing and regulating prices in the markets.

"One of the activities envisaged at the same time as the exchange rate is the evaluation of the dominant position in the market, and also the determination of its effects on the market. This is important in terms of preventing price manipulation. Price manipulation is a process directly related to artificially raising prices. Therefore, the acceptance of the new exchange rate is important in terms of optimizing and regulating prices in the markets," said Vugar Bayramov.

The economist noted that that the strengthening of the measures implemented in this direction can lead to the optimization of prices in the market, and even to the reduction of prices for some products.

"Besides, this will enable the optimization of prices at the expense of more market participants. Therefore, the measures implemented in this direction can lead to the optimization of prices in the general market and even to the reduction of prices for some products," added the Economist.