FCCPC Calls on Nigerians to Report Random Price Increases

In the dynamic landscape of commerce, the Federal Competition and Consumer Protection Commission (FCCPC) has taken a firm stance against price fixing. This regulatory body, responsible for safeguarding consumer interests, recently issued a statement emphasizing its commitment to fair market practices.

The Federal Competition and Consumer Protection Commission has stated that it will not hesitate to take action against businesses engaging in price fixing as this act places on consumers’ well-being and economic stability and urged citizens to report such practices.

The FCCPC acknowledges the impact of rising prices on consumers’ well-being and economic stability. While recognizing that direct price control is beyond its reach, the commission remains dedicated to ensuring fair pricing. Arbitrary price hikes resulting from practices like price gouging and supply manipulation violate existing laws.

To combat such practices, the FCCPC invokes Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018. This section specifically targets obnoxious trade practices and unscrupulous exploitation of consumers. Any perpetrator engaging in such acts will face legal consequences.

The agency urges Nigerians to stay vigilant. If you encounter unfair trade practices, report them promptly to the FCCPC. Provide details, including the conduct, location of perpetrators, and any relevant information for investigation. Your active participation is crucial in maintaining a regulated marketplace.

Beyond punitive measures, the FCCPC remains committed to promoting fair competition. By fostering transparency and accountability, it aims to protect consumers and create an environment where businesses thrive while adhering to ethical standards.