The Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that it is working with government agencies, consultants, and civil society organizations (CSOs) to come up with measures to curb the excessive prices of commodities in the markets.
This was made known through a statement signed by the Executive Vice Chairman of the Commission, Dr. Adamu Abdullahi, stating that any business participating in activities contributing to price gouging in the food chain sector is hereby warned to desist forthwith or face the full force of the law.
According to the statement, the Commission understands the natural apprehension consumers and businesses are experiencing and therefore welcomes continuing engagements and progressive measures to contain price gouging throughout the food distribution chain.
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Abdullahi warned that the Commission will not tolerate actions compromising the integrity of the food chain sector, and legal consequences will be swift and severe in addressing key consumer protection and competition issues in the food chain sector.
He noted that the Commission was not a party to the suit where the Federal High Court ordered the Federal Government to fix the prices of certain food commodities, commenting that it is an unusual practice in a free market and that the commission is taking all steps to obtain the judgment of the Court and make appropriate responses.
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“For clarity, it is imperative to underscore that the Commission is not mandated to regulate prices. However, in rare situations and pursuant to Part XI and Section 88 of the Federal Competition and Consumer Protection Act (FCCPA), the Commission may advise the President to fix the prices of certain goods and services, based on empirical evidence.”.
“Accordingly, the Commission is in this release encouraging the public or anyone with useful information in the food chain industry, with respect to unlocking possible illegal, exclusionary, or restrictive practices that contribute to unfair food prices, to report the same to the Commission through its designated portal.”.
