The Federal Competition and Consumers Protection Commission (FCCPC), clarified that its statement on commodity price hike wasn’t aimed at price control. This was clarified in a statement issued by FCCPC, Director of Special Duties, Strategic Communication, Mr. Ondaje Ijagwu.
He said, “Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviors that distort the marketplace and harm consumers.
“We recognize the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal.
“Discoveries made during our market surveillance and a recent disclosure by Abdul Samad Rabiu, Chairman of BUA Cement, underscores the critical need for our oversight. Mr. Rabiu revealed that despite BUA Cement’s effort to sell cement at a fair price of N3,500 per bag, their plan was undermined by dealers who inflated prices to as much as N7,000 to N8,000 per bag.
“This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing. Such practices make it difficult for ethical businesses to thrive.
“While promoting competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.
“The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.”
