The Federal Competition and Consumer Protection Commission has given traders and market stakeholders one-month moratorium to crash the prices of goods.
This was stated by the newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.
Bello said that the meeting was to address the growing trend of hike in consumer goods and services.
He also said that the commission in their findings discovered 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 is sold 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, ”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 said.
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,” he said.
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.
NAN
