The Federal Competition and Consumer Protection Commission, FCCPC, Tuesday maintained that it has no plans to regulate prices in the Nigerian market.
This is coming on the heels of allegation that the Commission wants to gag the Nigerian market.
But in a statement by FCCPC spokesman, Ondaje Ijagwu, debunked the claims. He clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace.
Recall that the Organized Private Sector and other stakeholders had expressed concerns over the commission’s recent directive to businesses to halt practices such as price gouging and price fixing.
Responding to the allegation, Ijagwu emphasized that the agency’s duty is not to control prices. But to ensure that the market operates fairly.
The statement read, “We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities.”
“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless.”
The FCCPC, however, advised that while external factors such as foreign exchange fluctuations and the removal of fuel subsidies have significantly impacted pricing, these do not justify unfair practices that exploit consumers.
The Commission cited a recent example in the cement industry to illustrate the need for its intervention.
“These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.
“Abdul Samad Rabiu, Chairman of BUA Cement, disclosed that despite efforts by his company to sell cement at a fair price of N3,500 per bag, dealers inflated prices to as much as N7,000 to N8,000 per bag.
“This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing,” the statement noted.
The Commission, however, reassured the business community that its actions are not intended to suppress private enterprise. It noted that it is to protect consumers from harmful practices.
source: Channels TV
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