The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it has no intention of regulating prices in the Nigerian market, Okay.ng reports.
This assurance was provided in a statement issued on Tuesday by the commission’s spokesman, Ondaje Ijagwu, in response to concerns raised by the Organised Private Sector and other stakeholders.
Ijagwu emphasized that the FCCPC’s recent directives, which have prompted debate, are focused solely on curbing exploitative practices and ensuring a competitive marketplace.
The statement was made to address misunderstandings following the commission’s call for businesses to cease price gouging and price fixing.
“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities,” the statement read. “We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless.”
The FCCPC made it clear that while external factors such as fluctuations in foreign exchange rates and the removal of fuel subsidies have significantly impacted pricing, these circumstances do not justify unfair practices that exploit consumers.
Citing the cement industry as an example, the commission highlighted a recent instance where the need for its intervention became evident.
“Abdul Samad Rabiu, Chairman of BUA Cement, disclosed that despite efforts by his company to sell cement at a fair price of N3,500 per bag, dealers 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,” the statement noted.
The FCCPC reassured the business community that its actions are not intended to stifle private enterprise but to protect consumers from harmful practices. The commission reiterated that its role is to maintain a fair market environment where consumers are not taken advantage of, rather than controlling market prices.
