We didn’t give traders one-month ultimatum to crash prices — FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC), has said, contrary to report making the news space, in the past few days, the Commission never issued any ultimatum to traders to crash prices. Debunking the report at a One-Day Stakeholders’ Engagement on Exploitative Pricing, held in Lagos on Wednesday, The Executive Vice Chairman, Tunji Bello stated that, rather, the Commission’s present pre-occupation is to fight price gouging, price fixing and unwholesome practices in the nation’s markets. According to him, rather than take a task that is not part of its mandate, the commission’s focus is to look at some sharp market practices, causing incessant hike in the prices of goods and commodities, with the aim of tackling them. ..Read Full Article

Bello explained that the decision to organize the stakeholders’ engagement with market women, traders and others, was part of the agency’s attempt at finding a lasting solution to the issue of exorbitant prices in the market.

“We discovered that some traders form cartels in the markets and put barriers in form of ridiculous membership fees intended to ensure price fixing in the market. Without joining them, they won’t allow anyone to sell goods in the market or provide services. Such practices are against the law and constitute some of the offenses the Commission is against.

“The purpose of the town-hall meeting initiative is to engage you the stakeholders in the production and retail segment of the market as well as service providers, to hear your own stories, with a view to achieving a consensus for the benefit of all of us,” he stated.

While acknowledging that the exchange rate and the increase in petrol price have made the old prices unsustainable, Bello however frowned at disproportionate increases in the prices of food items which he said are often perpetrated by “cartels” to exploit consumers.

The FCCPC boss stated that even though some sections of the law empower the commission to deal decisively with offenders, the commission chose to first explore the option of dialogue with a view to arriving at a consensus to deal with the growing trend…….Read Full Article