The Federal Competition and Consumer Protection Commission (FCCPC), in spite of threats to step in and control market prices due to growing commodity prices, has declared that it will not regulate market prices. This goes against what FCCPC Executive Vice Chairman Mr. Tunji Bello said last week when he threatened to take action against traders and other market participants engaged in “exploitative pricing” if they didn’t stop their prospective price crashes. On the other hand, the FCCPC insisted on upholding rules that prohibit unfair competition and safeguarding Nigerian consumers by combating price-fixing and other forms of market exploitation throughout the nation.
The FCCPC committed to addressing the immediate as well as the more distant causes of exploitative pricing by cooperative efforts with companies, consumer advocacy organizations, and other governmental entities. Prior to enforcement starting, a one-month moratorium has been granted, giving firms ample opportunity to modify their operations and guarantee complete adherence to regulations designed to safeguard consumers and promote equitable competition.
Enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018 is a top priority for the FCCPC, and it will not waver. It will keep an eye on the market and take legal action against any company practices that break the law. The commission did not consider price control, arguing instead that supply and demand alone determine prices in a competitive marketplace. The goal of recent directives is to stop anti-competitive and exploitative acts that damage consumers and distort the market.
