Stop arbitrary price increase or face sanctions
Omeiza Bilal
The Federal Competition and Consumer Protection Commission (FCCPC), has given one month final warning to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, who said this at a one-day stakeholder’s engagement on exploitative pricing on Thursday in Abuja said commission will begin enforcement after the moratorium.
He wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.
He said the unwholesome practice including price fixing was threatening the stability of the economy.
”Under Section 155, violators, whether individuals or corporate entities, face severe penalties including substantial fines and imprisonment if found guilty by the court,” he said.
The Chairman, National Association of Nigerian Traders, FCT Chapter, Mr Ifeanyi Okonkwo, said that charges on imported goods at the Ports also contributed to the hike in prices.
Okonkwo appealed to the Commission to set up a taskforce and involve the association in its enforcement.
The Liaison Manager, Flour Mills, Kemi Ashiri said that fines by regulators needed to be harmonised for businesses to thrive.
Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent rent increment and hike in prices by distribution/ supply chains were reasons for the high cost of goods.
Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.
