The Federal Competition and Consumer Protection Commission (FCCPC), has given a one-month moratorium to traders and other market stakeholders involved in pricing to crash the prices of goods.
The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday, August 29, in Abuja.
According to Bello, the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Bello said the Commission’s investigation showed that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (₦140,000.00) but the same product was displayed for ₦944,999.00 in a supermarket in Victoria Island, Lagos.
Bello wondered about the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America.
He said the unwholesome practices including price fixing were threatening the stability of the economy.
He 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.”
Bello said the government was aware of most of the problems raised by the market stakeholders.
“We have heard and you have genuine issues and the 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.”
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.