FG Gives Traders One Month To Crash Prices Of Commodities -

The Federal Competition and Consumer Protection Commission has given a one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods the newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing today in Abuja.

According to Bello, the commission will begin enforcement after the moratorium he said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

Bello described the commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

Bello wondered about the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America he said the unwholesome practices including price fixing were threatening the stability of the economy.

Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court this is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive.

I therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.Some of the market stakeholders who spoke at the engagement said that the high cost of transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services.