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Raising prices during peak demand to shut out some customers. Ethical or Unethical?

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When there is peak demand, a business might receive too much orders beyond it's available stock. Do you think raising prices to shut out some customers is a bad strategy? Don't you think it helps to control demand and balance it with supply when there are too many orders?
 
Its a tricky one. I get why businesses raise prices, it helps manage limited stock and keeps things under control. But it can feel unfair to loyal customers. I think its okay if its transparent and not exploitative. Balance is key between profit and treating people right.
 
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