FCCPC Explains One-Month Deadline For Traders, Supermarkets, Others Crash Prices
- The Federal Competition and Consumer Protection Commission (FCCPC) has clarified the one-month deadline for traders to crash prices.
- The commission said that the deadline came as traders and supermarkets are currently exploiting Nigerians
- It said a particular item purchased in the US for N140,000 is being sold for N95,000 in Nigeria, describing it as outrageous
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government clarified its one-month deadline for traders and other stakeholders to lower their prices through the Federal Competition and Consumer Protection Commission (FCCPC).
The commission responded to feedback on its X page on Saturday, August 31, 2024, regarding the recent directive to businesses to end price gouging, fixing, and other exploitative practices.
Source: Twitter
Supermarkets inflate prices unnecessarily
The FCCPC Executive Vice Chairman, Tunji Bello, announced this during a one-day stakeholders’ engagement on exploitative pricing in Abuja,
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During a meeting on August 29, 2024, the FCCPC boss cited an example of a fruit blender priced at about N140,000 in a supermarket in Texa, USA, selling for N944,999 in a Supermarket in Victoria Island, Lagos.
He stressed that such practices, including price fixing, threaten the stability of the Nigerian economy.
Bello cited Section 155 of the FCCPA Act, saying violators face severe punishment, including fines and imprisonment, if found guilty by a competent court.
Market traders ask for inclusion in a task force.
Chairman of the National Association of Traders, FCT chapter, Ifeanyi Okonkwo, stressed that the charges on imported goods at Nigerian ports have contributed to the price surge.
He asked the commission to establish a task force and include the traders in its enforcement drive.
The commission stated that the plan aims to prevent businesses from engaging in exploitative conduct such as price gouging, price fixing, creating barriers to entry, and other anti-competitive and exploitative acts prohibited under the FCCPA Act of 2018.
It acknowledged the intricacies of the economic climate, adding that it is working with stakeholders and consumer groups to boost fair competition and consumer protection as it addresses broader economic challenges.
FCCPC moves against increase in pure water price
Legit.ng earlier reported that the FCCPC has insisted that the sudden increase in the price of sachet water, better known as pure water, across the country is unfair and unacceptable.
Adamu Abdullahi, the acting executive vice-chairman/chief executive officer of the FCCPC, stated this in Abuja at an event commemorating the 2024 World Consumer Rights Day.
The price of sachet water increased a few weeks ago, and it now sells for N300-N500 a bag, depending on the location, up from N200, which it initially sold for.
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Source: Legit.ng
