The Federal Competition and Consumer Protection Commission (FCCPC), on Tuesday, reacted to the negative criticism by the Organised Private Sector and other interested parties regarding its recent directive to businesses to cease price gouging, price fixing, and other exploitative practices.
“Price control is entirely outside the scope of our responsibilities.”
In a statement on its X handle, the Commission, said ” At the FCCPC, our mandate is to safeguard consumers from unfair and deceptive practices and to ensure robust competition across all sectors.
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.
Link: cppe-says-price-control-not-core-mandate-of-fccpc/
We have never considered, nor will we ever consider, intervening in the market to regulate prices.
Any claims to the contrary are baseless and unfounded. Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.
We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal.
These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.
The Commission’s proposed actions in the retail sector are targeted and evidence-based, responding to specific instances where consumers are vulnerable to such exploitation.
Consequently, we have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.”