The Federal Competition and Consumer Protection Commission has read the riot act to business owners and owners indulging in arbitrary increment of price of their goods and services.
The commission noted that it will not hesitate to take action against businesses engaging in price fixing.
It highlighted the strain this act places on consumers’ well-being and economic stability and urged citizens to report such practices.
The FCCPC disclosed these in a statement posted on its official X handle on Sunday.
The statement read, “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.
“While we recognise that the commission cannot directly control prices, we are 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.
“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 statement urged Nigerians to stay 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 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.”
FCCPC had in February sealed a popular supermarket in the Garki area of Abuja, Sahad Store, for lack of transparency in the way it was fixing prices for products.
Similarly, it also encouraged electricity consumers to report distribution companies that failed to comply with the capping of estimated bills for unmetered customers.
