Rising Prices: FCCPC Retracts Plan to Implement Price Controls
In response to controversies sparked by its recent threat to intervene in markets due to rising commodity prices, the Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it will not regulate market prices directly.
This clarification contrasts with a previous statement attributed to FCCPC Executive Vice Chairman, Mr. Tunji Bello, who last week issued a warning to traders and market stakeholders engaged in what he termed “exploitative pricing.” He had suggested that prices might be reduced or that the Commission would take action against those involved.
The FCCPC now asserts that its role is to enforce laws against practices that distort fair competition rather than directly controlling prices. It emphasized its commitment to protecting Nigerian consumers by addressing price fixing and other exploitative practices across the country.
In a statement from Ondaje Ijagwu, Director of Special Duties (& Strategic Communication) in Abuja, the Commission explained, “Promoting competition is crucial for economic health, as seen in sectors like telecommunications, but it is equally important to enforce laws against practices that undermine fair competition.”
The FCCPC reaffirmed its balanced approach, which supports free market dynamics while protecting consumers from harmful practices. It urged businesses to adhere to ethical and lawful practices, emphasizing that its role is to ensure fairness, transparency, and accountability in the market.
The Commission is committed to collaborating with businesses, consumer groups, and other government agencies to address both immediate and underlying causes of exploitative pricing. It has provided a one-month grace period for businesses to adjust their practices and comply with consumer protection and competition laws.
The FCCPC stressed its dedication to upholding the Federal Competition and Consumer Protection Act (FCCPA) 2018 and will continue to monitor the marketplace and take action against any violations of the law.
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