FG Gives Traders One-Month Ultimatum to Reduce Prices of Goods, Commodities

By Peters Monday, Abuja

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month moratorium to traders to crash prices of goods and commodities. The directive was given by the Executive Vice Chairman of FCCPC, Mr. Tunji Bello, at a stakeholder engagement in Abuja.

Bello stated that the commission will begin enforcement after the moratorium, aiming to control unreasonable pricing and market associations’ unpleasant practices. He cited an example of a fruit blender sold for $89 in the USA but displayed for N944,999 in a Lagos supermarket.

The FCCPC warned that violators face severe penalties, including fines and imprisonment. However, the approach is not punitive, and stakeholders are urged to cooperate.

Market stakeholders attributed price hikes to charges on imported goods, transportation costs, insecurity, and multiple taxation. Supermarket owners also mentioned high bank interest rates, rent increments, and hikes in prices by distribution/supply chains as contributing factors.

The FCCPC’s move aims to stabilize the economy and protect consumers from exploitative pricing.