The Federal Competition and Consumer Protection Commission (FCCPC) has responded to feedback on its recent directive to businesses to cease practices such as price gouging, price fixing, and other exploitative behaviours.
The Commission stated on its X account and shared the Africa Health Report (AHR), on Saturday, clarifying that the directive is not meant to control pricing or compel businesses to lower prices arbitrarily. Rather, its objective is to tackle detrimental practices that interfere with the market.
“The directive issued by the FCCPC is not an attempt at price control or a mandate to crash prices arbitrarily,” stated the FCCPC. “Our focus is on preventing businesses from engaging in exploitative conduct such as price gouging, price fixing, the creation of barriers to entry, and all other anticompetitive and exploitative behaviours prohibited under the Federal Competition and Consumer Protection Act (FCCPA) 2018.”
The FCCPC acknowledged the current economic difficulties, including the removal of the fuel subsidy and fluctuations in the foreign exchange market, which have raised concerns about the feasibility of the directive. The Commission assured stakeholders that it is working closely with businesses, consumer groups, and political leaders to promote fair competition and consumer protection while addressing the broader economic challenges.
“We understand your concerns regarding the feasibility of the directive given the current economic challenges,” the FCCPC added. “We encourage businesses to comply with the law and consumers to report any instances of exploitative practices.”
