- Safiu Kehinde
The Federal Competition and Consumer Protection Commission (FCCPC) has denied issuing one month ultimate for traders to crash price of goods.
Reacting to a post on X as regards the ultimate, the Commission debunked the claim in a statement posted on its official X handle.
Following backlash from the public over the directive, FCCPC stressed that the directive is not an attempt on price control or a mandate to crash price arbitrarily.
According to the statement, the motive behind the directive is to curtail exploitative practices carried out by business owners of consumers.
While admitting to the economic challenges facing the country, the Commission, however, frowned against undue exploitation of consumers in form of price gouging, price fixing, and creation of
barriers to entry, and all other anticompetitive and exploitative behaviours prohibited under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
The statement read in part; “FCCPC appreciates everyone for your valuable feedback on our recent directive to businesses to cease price gouging, price fixing, and other exploitative practices. We understand your concerns regarding the feasibility of the directive given the current economic challenges, including removal of fuel subsidy and fluctuations in the foreign exchange market.
“The directive issued by the FCCPC is not an attempt at price control or a mandate to crash prices arbitrarily. Our focus is on preventing businesses from engaging in exploitative conduct such as price gouging, price fixing, the creation of barriers to entry, and all other anticompetitive and exploitative behaviours prohibited under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
“These practices distort the market and harm consumers, and our commitment is to uphold a marketplace rooted in fairness and accountability by enforcing the provisions of the FCCPA.
“We acknowledge the complexities of the current macroeconomic environment and are actively working with stakeholders, particularly businesses, and consumer groups, including political leaders, to promote fair competition and consumer protection while addressing the broader economic challenges.
“We encourage businesses to comply with the law and consumers to report any instances of exploitative practices.”