We’ve Never Considered Fixing Price of Goods – FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) has denied any intentions of regulating or fixing the prices of goods in Nigeria, following recent media speculation.
In a statement signed by Ondaje Ijagwu, Director of Special Duties and Strategic Communications for the Commission, it clarified its stance, emphasizing that its role is to ensure fair competition and protect consumers from exploitative practices, not to control prices.
The FCCPC issued this clarification after receiving feedback from the Organized Private Sector and other stakeholders, who expressed concerns over a directive aimed at curbing price gouging and anti-competitive behaviors.
“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand,” the FCCPC stated.
“Price control is entirely outside the scope of our responsibilities. We have never considered, nor will we ever consider, intervening in the market to regulate prices.”
The clarification came in response to recent reports suggesting that the FCCPC might impose price controls, a move that sparked concern among business owners and market participants.
According to the Commission, its mandate is to protect consumers from practices such as price gouging, which takes advantage of economic hardships to inflate prices unreasonably, and price fixing, where competitors or market associations collude to set prices.
The FCCPC also highlighted a recent example in the cement industry, where dealers inflated prices, undermining BUA Cement’s efforts to sell at a fair price. This, the Commission said, exemplifies the kind of exploitation it aims to combat.
“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace,” the FCCPC added, noting that a one-month moratorium has been granted for businesses involved in exploitative pricing to adjust their practices before enforcement begins.
