Jonathan Nwokpor
The Federal Competition and Consumer Protection Commission, FCCPC, encourages Nigerians to report arbitrary price increases, emphasising its commitment to taking action against businesses involved in price fixing.
The FCCPC released this disclosure in a statement shared on its official X handle on Sunday.
It emphasised the impact the act has on consumers’ well-being and economic stability and encouraged citizens to report any such practices.
“The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.
“While we recognize 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 read.
The statement enjoined 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,” it added.
It is worth noting that in February, the FCCPC took action against a well-known supermarket in the Garki area of Abuja due to concerns regarding the lack of transparency in their pricing practices.
Similarly, it also urged electricity consumers to report distribution companies that did not adhere to the limit on estimated bills for customers without meters.
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