FCCPC Abandons Price Control Measures Amid Soaring Prices
In light of recent debates about its potential to intervene in the market due to rising commodity prices, the Federal Competition and Consumer Protection Commission (FCCPC) has stated it will not control market prices.
This clarification comes after a statement from FCCPC Executive Vice Chairman, Mr. Tunji Bello, who last week warned traders about “exploitative pricing” and threatened to lower prices or take action against them.
The FCCPC has clarified that its role is to enforce laws that promote fair competition and protect consumers from price fixing and other unfair practices, rather than setting or controlling prices.
In a statement from Ondaje Ijagwu, the Director of Special Duties (& Strategic Communication), the FCCPC emphasized that while encouraging competition is crucial for economic health, it is also important to prevent practices that disrupt fair competition. The FCCPC’s goal is to balance market dynamics with consumer protection, ensuring fairness and transparency without suppressing private enterprise.
The Commission is committed to working with businesses, consumer groups, and other government agencies to address both immediate and long-term causes of exploitative pricing. They have provided a one-month period for businesses to adjust their practices before enforcement begins, aiming for full compliance with consumer protection and fair competition laws.
The FCCPC affirmed that it will continue to uphold the Federal Competition and Consumer Protection Act (FCCPA) of 2018 and remain vigilant against any business practices that violate the law. They stressed that they do not plan to regulate prices but will focus on preventing unfair practices that harm consumers.
