LAGOS, Nigeria (VOICE OF NAIJA)-The Federal Competition and Consumer Protection Commission (FCCPC) says it is going to take action against businesses involved in price fixing.
It said that the unfair hike imposes a burden on consumers’ welfare and economic security, urging citizens to report any instances they encounter.
The FCCPC revealed this information in a statement shared on its official social media 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.
READ ALSO: Nigerians Will Benefit From FG’s Consumer Credit Scheme –Aide
“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 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.”