The Federal Competition and Consumer Protection Commission,FCCPC, has warned it would invoke relevant section of its Act to stem the tide of rising price of essential goods and services, adding that it would no longer tolerate arbitrary price increase and conspiracy to manipulate supply chain in the country.
The Commission in a statement on Monday on its x said though, it lack the power to directly control prices but it is “committed to safeguarding consumers interest and ensuring fair market place practices.”
The statement reads “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.
“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. Together, we can create an environment where consumers are safeguarded and businesses operate ethically within the provisions of existing laws.”
