The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning against businesses involved in price fixing, emphasizing its readiness to take action against such practices.
The FCCPC, in a statement released on its official handle on Sunday, underscored the detrimental impact of arbitrary price increases on consumers’ well-being and economic stability. It urged Nigerians to report any instances of such practices.
The statement read, “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability. While we recognize that the commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.”
The FCCPC further stated, “Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws. The commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers.”
The Commission urged Nigerians to remain vigilant and report any unfair trade practices they encounter.
It added, “We encourage consumers to remain vigilant and report unfair trade practices to the FCCPC. Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation, through contact@fccpc.gov.ng.”
The FCCPC reaffirmed its commitment to promoting fair competition, protecting consumers, and fostering a regulated marketplace.
It expressed appreciation for citizens’ vigilance and encouraged active participation in reporting any violations.
