FCCPC to Enforce Strict Measures Against Price Gouging Amid Rising Inflation, Emphasizes Dialogue and Collaboration
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On Thursday, the Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, announced that the commission will begin enforcing measures against exploitative pricing practices following a one-day stakeholders’ engagement held in Abuja.
The meeting aimed to tackle the rising problem of unreasonable pricing for consumer goods and services and address the unethical practices of market associations involved in price fixing. Bello emphasized the critical nature of these issues, highlighting the need for regulatory action to curb these practices and protect consumers.
The FCCPC has conducted extensive market surveys nationwide over recent weeks, uncovering troubling findings about price inflation. At a recent meeting, Tunji Bello emphasized the urgency of addressing these issues. He acknowledged the impact of the unfavorable exchange rate on production costs but noted that price margins for both imported and locally produced goods are often unreasonably high. The commission has identified severe cases of price fixing, gouging, and other anti-consumer practices, particularly in the retail sector. This comes amid a high inflation rate of 33.40%, with food inflation exceeding 40%, according to the National Bureau of Statistics (NBS).
Since President Bola Tinubu’s decision to end fuel subsidies on May 29, 2023, inflation in Nigeria has significantly worsened. In response, the FCCPC has vowed to take strict legal action against those involved in price gouging and price fixing. The commission underscored that these practices are both unethical and illegal under the FCCPA. The FCCPC affirmed its commitment and ability to enforce the law rigorously against any individuals or entities exploiting consumers.
Despite the FCCPC’s commitment to legal action against price gouging and price fixing, the commission emphasized that its approach is not solely punitive or adversarial. The FCCPC also values dialogue and collaboration as crucial tools in promoting a fair marketplace. The commission aims to work together with stakeholders to address these issues constructively and ensure fair pricing practices.
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