The Federal Competition and Consumer Protection Commission (FCCPC) has declared a one-month grace period for traders and market participants engaged in price exploitation, encouraging them to lower their prices on products.
However, no specific mention on petrol price reduction.
The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, made this announcement during a one-day stakeholder engagement on exploitative pricing that took place on Thursday in Abuja.
Bello highlighted that the Commission plans to start enforcement measures once the moratorium period concludes, explaining, “According to Section 155, those who violate the law—be they individuals or corporations—could face harsh penalties, including hefty fines and imprisonment if convicted by the court. This is aimed at discouraging everyone from engaging in these illegal activities.”
He stated, “Our approach today is not meant to punish. Thus, I urge all parties involved to adopt a mindset of patriotism and collaboration. In this context, we are granting a one-month grace period before the Commission begins stricter enforcement.”
“We understand that you have legitimate issues, and it is the government’s duty to tackle these problems. However, let’s also reflect on our own actions. There are instances where traders come together to exploit consumers,” he stated.
