Price Hike
EKO HOT BLOG reports that the Federal Competition and Consumer Protection Commission (FCCPC) is urging Nigerians to report any cases of unjustified price increases by businesses.
According to a statement released on its official X (formerly Twitter) handle on Sunday, the Commission is alarmed by the growing worries about how soaring prices are affecting consumer well-being and economic stability.
Although the FCCPC does not possess direct control over prices, it is steadfast in its dedication to upholding fair market standards. The Commission aims to safeguard consumers from being taken advantage of by unethical business strategies like price gouging or supply manipulation conspiracies.
“Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws,” the commission stated.
Further detailing their readiness to combat these violations, the FCCPC declared, “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.”
Price Hike
This section of the law specifically prohibits obnoxious trade practices and the unscrupulous exploitation of consumers.
In addition to their warning, the FCCPC encouraged Nigerians to remain vigilant and proactive in reporting any unfair trade practices they encounter.
“Consumers are urged to provide comprehensive details for any report, including the nature of the conduct, location of the perpetrators, and other relevant information that could aid in investigations, through the commission’s contact email: contact@fccpc.gov.ng,” the statement read further.
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