Attorney General Daniel Cameron is encouraging reporting suspicions of price gouging to his office after Governor Andy Beshear on Thursday declared a state of gas pricing emergency in the state, which is needed to activate the law on price gouging in Kentucky.
By law, no one may sell or lease an item for a price “significantly in excess of the price before declaration”.
It sets a threshold for gasoline at the price the day before the price increase order is issued and further states that a price is not a violation if it is 10% or less above the price before declaration, or 10% or less above the sum of the costs and the normal mark-up of a good or service.
Cameron’s office indicates as an example, AAA reported that the average price of a gallon of regular gasoline on June 22, 2022 was approximately $4.717. For price gouging to occur under the law, regular gasoline would have to be sold at around $5,188 or more. Other factors, including cost to the business, increased transportation costs, etc., are also taken into account when assessing alleged price gouging.
“My office has been monitoring petrol prices across the Commonwealth for months and has already issued civil inquiries and subpoenas to companies suspected of charging unreasonable prices for petrol,” Cameron said. “We will continue to do our job and protect Kentuckians from illegal prices.”
Suspicions of price gouging can be reported to the Attorney General’s Office by calling 502-696-5485 or visiting ag.ky.gov/pricegouging.
Cameron’s office says that when filing a price gouging complaint, Kentucky residents are encouraged to provide as much detail as possible about the alleged price increase, including the name and address of the seller/retailer. , the purchased item, the price of the item after the emergency declaration. , and the price of the item before the emergency declaration, if known. If a refund is requested, consumers should also retain transaction receipts to show proof of purchase.