The Federal Competition and Consumer Protection Commission (FCCPC) says it will not hesitate to take action against businesses engaging in arbitrary price fixing.
The FCCPC made the promise in a statement posted on its official X handle on Sunday.
It expressed concerned about recent complaints about rising prices of goods in spite of the appreciation of the naira, saying this must stop.
It added that the rising cost of essential goods impacted 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.
“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.”
(vitalnewsngr.com)
