FCCPC to engage market leaders nationwide to curb ‘exploitative pricing’

The Federal Competition and Consumer Protection Commission (FCCPC) says it will engage market leaders nationwide to curb ‘exploitative pricing’ of consumer goods.

In a statement on Monday, Tunji Bello, FCCPC’s executive vice-chairman and chief executive officer (CEO), said the commission’s advocacy for consumers aligns with President Bola Tinubu’s ‘Renewed Hope’ agenda.

He said the unfair practice is common in the retail segment of the distribution chain where certain market associations are involved in price fixing to the detriment of consumers.

“In the coming days, the Federal Competition and Consumer Protection Commission (FCCPC) will be engaging leaders of markets and others in the supply and distribution chain across the nation as part of a broader initiative to check exploitative pricing of consumer goods,” Bello said.

“While it is recognised that the exchange rate has impacted the value of the naira, it is however observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.

“This unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.”

The FCCPC’s CEO said the commission plans to collaborate with market leaders to establish reasonable product pricing to prevent excessive profiteering that “burdens consumers during these economic challenges”.

He said the interaction will be sustained by the commission to foster a better market culture that makes allowance for the trader’s margin while ensuring that buyers are not exploited.

Bello said the commission has also mandated supermarket operators to clearly display product prices on their shelves to ensure transparency, preventing situations where customers only get to know the prices after making payment and receiving a receipt.

On April 17, the FCCPC had said it would monitor and investigate price hikes in the markets to protect consumers from exploitation.

The commission also said it would collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues to tackle the issue.