The Federal Competition and Consumer Protection Commission (FCCPC) has denied plans to regulate prices in the Nigerian market, stating that its directives aim to curb exploitative practices and maintain a competitive marketplace.
The agency clarified that prices in a competitive marketplace are determined solely by supply and demand forces and that price control is outside its responsibilities.
FCCPC cited a recent example in the cement industry, where dealers inflated prices to as much as N7,000 to N8,000 per bag, despite efforts to sell cement at a fair price of N3,500 per bag.
They reassured the business community that its actions are not intended to suppress private enterprise but to protect consumers from harmful practices.
“The agency’s duty is not to control prices but to ensure that the market operates fairly”.
The FCCPC’s statement came in response to feedback from the Organised Private Sector and other stakeholders who expressed concerns over the commission’s recent directive to businesses to halt practices such as price gouging and price fixing
