Price hike is a gang up to exploit consumers by traders - FCCPC

Traders are ganging up to exploit consumers through unreasonable pricing of goods and services in the country, the Federal Competition and Consumer Protection Commission, FCCPC has alleged.

The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, made the allegation while speaking at a one-day stakeholders engagement on exploitative pricing held in Abuja on Thursday.

The meeting, according to Bello, was to find a level ground for the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

He revealed that the commission will embark on an enforcement mission after the moratorium

Giving a description of the commission’s finding, he wondered why a fruit blender known as Ninja which sold at a popular Texas supermarket for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

This arbitrary hike in the price of the blender compared to the Texas, United States of America according to Bello, is one among many unwholesome practices including price fixing was threatening the stability of the economy.

Commenting on the practices, the Vice-chairman said, ”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.

“It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement.”

He added that  the government has heard and ” you have genuine issues and government has the responsibility to address the problems but generally, let us talk to ourselves too. There are also gang ups to exploit consumers by traders.”