The Federal Competition and Consumer Protection Commission has announced its readiness to take action against companies involved in price fixing, emphasizing the negative impact this behavior has on consumers and economic stability.
It encouraged citizens to report any such activities. This information was shared in a statement released on the FCCPC’s official X handle on Sunday.
The statement read, “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.”
The statement encouraged Nigerians to remain vigilant and report any instances of unfair trade practices they come across.
It added, “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.”
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