1 week ago
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The Federal Competition and Consumer Protection Commission, FCCPC, has expressed commitment to safeguarding consumers from unfair, deceptive and exploitative pricing of goods and services.
The Director of Special Duties and Strategic Communication of the FCCPC, Ondaje Ijagwu said this in a statement in Abuja on Tuesday.
Ijagwu said the Commission was reacting to stakeholders’ feedback over its recent directive to businesses to cease price gouging, fixing and exploitative practices.
He maintained that the Commission’s recent directive was not about controlling prices but focused on curbing exploitative practices and anti-competitive behaviours which distort the marketplace and harm consumers.
According to him, the FCCPC appreciates feedback from the Organised Private Sector (OPS) and other parties.
”We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand.
“Price control is entirely outside the scope of our responsibilities. We have never considered nor will we ever consider intervening in the market to regulate prices.
“Any claims to the contrary are baseless and unfounded. We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal.
“These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer,” he said.
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