FCCPC Wants Nigerians To Report Arbitrary Price Increases.

Federal Competition and Consumer Protection Commission says it will not hesitate to take action against businesses engaging in price fixing.

It highlighted the strain this act places on consumers’ well-being and economic stability and urged citizens to report such practices.

The Commission disclosed this in a statement posted on its official X handle acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability, adding that, they are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.

The commission also said, arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws, noting that, the commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act 2018 against any perpetrator of such acts.

It said, the section prohibits obnoxious trade practices and unscrupulous exploitation of consumers and urged Nigerians to stay vigilant and report any unfair trade practices they encounter.