The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to businesses involved in price fixing, emphasizing the detrimental impact such practices have on consumers’ well-being and economic stability. In a statement released via its official channels, the FCCPC underscored its commitment to enforcing fair market practices and protecting consumers from arbitrary price hikes.
Acknowledging the challenges posed by rising costs of essential goods, the FCCPC affirmed its dedication to safeguarding consumers’ interests. While the commission acknowledges its inability to directly control prices, it stands firm in its resolve to combat unfair trade practices, including price gouging and supply manipulation. The FCCPC cited Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which prohibits obnoxious trade practices and exploitation of consumers, as the legal basis for taking action against perpetrators.
The statement urged Nigerians to remain vigilant and report any instances of unfair trade practices to the FCCPC. Consumers were encouraged to provide detailed information, including the nature of the conduct, location of the perpetrators, and other relevant details, for thorough investigation.
The FCCPC reaffirmed its commitment to promoting fair competition, protecting consumers’ rights, and fostering a regulated marketplace. The commission expressed appreciation for citizens’ vigilance and encouraged active participation in reporting violations.
Notably, recent reports highlighted the FCCPC’s enforcement actions, including the sealing of a popular supermarket in Abuja for lack of pricing transparency and efforts to ensure compliance with billing regulations among electricity distribution companies.