FCCPC reacts to soaring prices despite Naira’s gain against the dollar

The Federal Competition and Consumer Protection Commission (FCCPC) has stated that it will not hesitate to take action against businesses engaging in price fixing.

It highlighted the strain this act places on consumers’ well-being and economic stability and urged citizens to report such practices.

The FCCPC disclosed this in a statement posted on its 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 urged Nigerians to stay vigilant and report any unfair trade practices they encounter.

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.”