No Plan To Regulate Market Prices — FG

The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday said it has no plans to regulate prices in the Nigerian market.

FCCPC in a statement by its spokesman, Ondaje Ijagwu, clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace.

The 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.

Ijagwu emphasised that the agency’s duty is not to control prices but to ensure that the market operates fairly.

“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.”

According to FCCPC, while external factors such as foreign exchange fluctuations and the removal of fuel subsidies have significantly impacted pricing, these do not justify unfair practices that exploit consumers.

It cited a recent example in the cement industry to illustrate the need for its intervention.

“These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.

“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 suppress private enterprise but to protect consumers from harmful practices.