The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it has no plans to regulate food prices or control the market. In a statement, the Commission’s Director of Special Duties and Strategic Communication, Ondaje Ijagwu, emphasized that its recent directives aim to curb exploitative practices and maintain a competitive marketplace.
The FCCPC responded to concerns from the Organised Private Sector and stakeholders regarding its directive to halt price gouging and price fixing. The Commission stressed that its role is to ensure fair market operations, not to control prices.
“We categorically assert that prices are determined by supply and demand forces. Price control is outside our scope,” the statement read. “We will never consider intervening in the market to regulate prices. Any claims to the contrary are baseless.”
The Commission acknowledged external factors like foreign exchange fluctuations and fuel subsidy removal impact pricing but emphasized that these do not justify unfair practices exploiting consumers.
The FCCPC cited a recent example in the cement industry, where dealers inflated prices despite a company’s efforts to sell at a fair price. This exemplifies the exploitative conduct the Commission aims to address.
The FCCPC reassured the business community that its actions protect consumers from harmful practices, not suppress private enterprise. A one-month moratorium has been granted for businesses to adjust their practices before enforcement begins.
The Commission remains committed to upholding fair competition and consumer protection principles, promising vigilant enforcement of the Federal Competition and Consumer Protection Act 2018.
