FG gives traders one month to crash prices

…market stakeholders blame insecurity, transport cost, multiple taxation

The Federal Competition and Consumer Protection Commission (FCCPC) has given a one-month period to traders and other market stakeholders who are fond of hiking prices to crash prices of goods.

The Executive Vice Chairman of the FCCPC, Mr Tunji Bello, stated this in Abuja on Thursday at a one-day stakeholders’ meeting on exploitative pricing.

He said that the meeting was intended to address the perennial trend of outrageous prices of consumer goods and services and the unusual practice by market associations.

Bello said the commission would begin enforcement after the moratorium.

According to him, the Commission discovered that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same item was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

He expressed worries that the outrageous practices, including price fixing were threatening the stability of the economy.

Bello noted that under Section 155, violators, whether individuals or corporate entities would face severe penalties.

They would also face substantial fines and imprisonment if found guilty by the court.

”This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation,” he said.

”It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement,” he said.

Bello added that the government had taken note of most of the problems raised by the market stakeholders.

”We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.

”There are also gang-ups to exploit consumers by traders,” he said.

Some of the market stakeholders who spoke at the meeting attributed the continuous rice in prices of goods and services to high cost of transportation, insecurity and multiple taxation among other factors.

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