The Federal Competition and Consumer Protection Commission (FCCPC) has reiterated its commitment to clampdown on arbitrary price increases, urging Nigerians to report such practices.
The Commission made this known in a statement on its X account, noting that rising cost of essential goods impacts consumers’ well-being and economic stability.
It stated that while the Commission cannot directly control prices, it is committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.
“Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws,” FCCPC said.
“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,” it added.
The statement comes on the heels of the escalating costs of essential commodities despite the appreciation of the Naira against the dollar which presently exchanges around N1,150 per US dollar.
This upward trajectory of the naira since March has failed to correspond with the reality of prices of commodities in the market, prompting Nigerians to start questioning whether, truly, prices jumped up on the basis of the weak naira.
A netizen, @OpeBee on X had said despite the dollar losing its value to naira in the past one month, prices of items remained adamant.
“Dollar rate has come down but prices of goods remain the same. The excuse of old stock isn’t tenable again. Since we have refused to do the right thing as citizens, the government has to step in,” the netizen said.
“From next week, we will start calling out government officials( HM of Trade and acting head of FCCPC). They need to tell Nigerians what they are doing to protect consumers,” @OpeBee added.
Reacting to this post, the FCCPC, stated that it’s not unaware of the unfair practices, encouraging consumers to remain vigilant and report unfair trade practices to the Commission.
“Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation through contact@fccpc.gov.ng.
“The FCCPC remains committed to promoting fair competition, protecting consumers, and fostering a regulated marketplace. We appreciate citizens’ vigilance and encourage active participation in reporting any violations.
“Together, we can create an environment where consumers are safeguarded and businesses operate ethically within the provisions of existing laws,” it said.
