The Federal Competition and Consumer Protection Commission (FCCPC) has affirmed that it is committed to ensuring that there is fair market pricing for goods in the country, News About Nigeria reports.
The Commission said this via its handle on X on Sunday.
It noted that the act of businesses engaging in price fixing causes strain on consumers’ well-being and economic stability and promised to put an end to it.
The Commission, however, stated that while it cannot directly control prices, it remains committed to safeguarding consumers’ interests. It added that arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.
“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.
“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 reads.
The Commission, therefore, urged Nigerians to stay vigilant and report any unfair trade practices they encounter, maintaining that it will continue to promote fair competition, protect consumers, and foster a regulated marketplace.
“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,” it added.
