The executive vice-chairman/chief executive officer of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello on Monday has said that the commission will engage market leaders nationwide to curb ‘exploitative pricing’ of consumer goods. The advocacy for the commission aligns with the “renewed hope” agenda of President Bola Tinubu.
He stated that the unfair practice is common in the retail sector of the distribution chain where certain market associations are involved in price fixing to the detriment of consumers.
“In the coming days, the Federal Competition and Consumer Protection Commission (FCCPC) will be engaging leaders of markets and others in the supply and distribution chain across the nation as part of a broader initiative to check exploitative pricing of consumer goods,” Bello said.
“While it is recognised that the exchange rate has impacted the value of the naira, it is however observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
“This unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.”
The FCCPC’s CEO mentioned the commission’s disposition to collaborate with market leaders to establish reasonable product pricing to prevent excessive profiteering that “burdens consumers during these economic challenges”.
He said the efforts of the commission will aid a better market culture and be sustained to ensure the trader’s margin while buyers are not exploited.
The commission had earlier mandated supermarket operators to clearly display product prices on their shelves to ensure transparency, preventing situations where customers only get to know the prices after making payment and receiving a receipt.
Price hike, price gouging, are some of the vice consumers suffer from due to lack of enforcement of the FCCPC laws. It is essential that the actions of the consumer protection commission reaches all sectors in the country.
