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FCCPC Warns Against Illegal Price Hikes On Commodities
FCCPC Warns Against Illegal Price Hikes On Commodities
The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized that exploitative price hikes in commodities are illegal in Nigeria, reaffirming its dedication to safeguarding consumer rights and upholding fair market practices. The Commission has launched an investigation into recent price hikes in Bauchi State to address unfair practices affecting consumers…….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Dr. Adamu Abdullahi, the Vice Chairman of the Commission, expressed concern over alleged conspiracy, price gouging, hoarding, and other unfair tactics observed in the food chain and distribution sector, including wholesalers and retailers. These practices, he noted, have contributed to the rising cost of living and are illegal under the FCCPA.
Abdullahi condemned these acts and emphasized the Commission’s commitment to engaging with market associations, traders, and customers to identify factors affecting price fluctuations. Through fact-finding interactions and market surveys, the FCCPC aims to gather information directly from stakeholders to address consumer protection and competition issues in the food sector.
Following the market survey, the Commission will compile a concise report of its findings and recommendations for the government, in accordance with Section 17(b) of the FCCPA. The objective is to initiate policies and review economic activities to identify and address anti-competitive practices while ensuring fair pricing for consumers.
Traders at the Muda Lawal Market attributed the recent commodity price hikes to increased wholesale costs from their suppliers. The FCCPC’s investigation aims to address these underlying factors and promote fair market practices to protect consumers’ interests.
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