The Federal Competition and Consumer Protection Commission FCCPC, has said it will sanction members of trade associations who engage in indiscriminate hiking of prices of food items.
Chief Executive Officer of FCCPC, Babatunde Irukera, revealed this at a forum organized by the commission to discuss fair food prices. According to Irukera, the Federal Government would ensure there is no room for anti-competitive practices and irrational hikes in food prices.
Assuring the public that the commission will continue to monitor the market, and intervene where prices are excessive or any exploitative conduct is noticed.
Irukera said some trade unions had constituted cartels to engage in anti-competitive practices that have led to price gouging of basic food items.
Irukera, explained that it is important to take a hard line against indiscriminate food price hikes, especially at a timeline when food security has been declared a national emergency.
He added that competition regulation and consumer protection is not only to regulate the big companies, or to regulate the formal sector but it is also to regulate the informal sector.
story: Hilda Katu