Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders to crash the prices of goods and services.
Gatekeepers News reports that the commission’s Executive Vice-Chairman, Tunji Bello, gave the order at a stakeholders’ engagement on exploitative pricing in Abuja.
Bello stated that the commission will begin enforcement after the expiration of the notice, warning that price gouging and price fixing are not only unethical but also illegal under the FCCPA.
“As such, the FCCPC has the will and the capacity to invoke the full weight of the law against those found culpable of exploiting consumers,” he said.
The FCCPC has carried out market surveys across the country and found disturbing trends of unreasonable pricing and unwholesome practices by market associations.
Bello noted that while the unfavorable exchange rate has impacted production costs, the margin in pricing goods and services is unreasonable or excessive in many cases.
He explained that the commission recognises the need for dialogue and collaboration in fostering a fair marketplace, but will not hesitate to invoke the law against defaulters.
The move comes as the National Bureau of Statistics (NBS) recently pegged the inflation rate at 33.40%, with food inflation at over 40%.
