The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed claims that it plans to regulate the prices of food items and other commodities in the Nigerian market.
According to a released statement, the commission emphasized that its role is to ensure a fair market, not control prices.
“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 FCCPC said.
The commission stressed that its recent directives aim to curb exploitative practices, such as price gouging and price fixing, which harm consumers.
“These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer,” the statement added.
The FCCPC highlighted a recent example in the cement industry to illustrate the need for its intervention, emphasizing its commitment to maintaining a competitive marketplace.