Follow Us on Google
From Fred Ezeh, Abuja
Federal Competition and Consumer Protection Commission (FCCPC), said on Monday, that it will engage with market leaders and others in the supply and distribution chain across the nation as part of a broader initiative to check exploitative pricing of consumer goods.
FCCPC, in a statement, signed by its Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, explained that the move is in response to the impact of inflation that had resulted in rise in prices of basic goods and services.
It said in the statement that the Commission recognized that exchange rate has impacted the value of the Naira, but observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
It said: “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.
“Working with the market leaders, the Commission believes an understanding can be reached on reasonable pricing of products with a view to eschewing undue profiteering at the expense of consumers at a time of economic challenges.”
It said such interaction will be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited.
“Already, the Commission has mandated the operators of supermarkets to visibly display the prices of products to shoppers for transparency and avoid an ambush situation where they only get to know of the prices after payment would have been made at the counter and receipt issued,” it added.
