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“Rip off” means to cheat someone financially. Businesses should not rip their customers off: they should not sell products for an unfair price.
However, we often use this phrasal verb in the passive voice, from the perspective of the customer. Customers in central London complain they’re being ripped off. The pubs are charging 5 percent more during peak hours. They think they’re being cheated financially.
If you buy luxury sunglasses and then later find out they are fakes, you can say that you were ripped off (but only if you really thought they were genuine). Likewise, you might pay $12 for a cocktail at a fancy bar. But if it’s watered down and flavorless, you can say you were ripped off.