Business
FCCPC moves to tackle exploitative pricing amid soaring inflation
The Federal Competition and Consumer Protection Commission (FCCPC) is set to engage key players in the supply and distribution chain to address the issue of exorbitant prices for consumer goods.
This move comes amid a persistent surge in inflation, which has seen prices skyrocket across the board.
FCCPC Executive Vice Chairman Tunji Bello, in a statement issued on Monday, acknowledged the impact of the rising cost of living on Nigerians but expressed concern over disproportionate price increases for both imported and locally produced goods.
The commission has identified the retail sector as a major culprit, with some market associations allegedly colluding to fix prices at consumers’ expense.
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Bello emphasized the need for collaboration with market leaders to establish reasonable pricing standards and prevent undue profiteering. By working together, the FCCPC hopes to alleviate the financial burden on consumers while ensuring fair business practices.
“We recognise that the exchange rate has impacted the value of the Naira, but prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
“Working with market leaders, the Commission believes an understanding can be reached on reasonable pricing of products with a view to eschewing undue profiteering at the expense of consumers at a time of economic challenges,” he said.
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