As part of its efforts to stop the nation's growing inflation, the Federal Competition and Consumer Protection Commission (FCCPC) has announced that it will be interacting with market leaders and other players in the supply and distribution chain around the country.
In a statement, Tunji Bello, the executive vice chairman and chief executive of the FCCPC, stated that the action is a component of the organization's purpose to prevent consumer goods from being priced exploitatively.
Bello stated: "it is observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones." She acknowledged that the exchange rate has an effect on the value of the Naira.
This unfair custom is common in the Price fixing at the expense of consumers is practiced by certain market associations in the retail component of the supply chain. In order to avoid excessive profiteering at the expense of consumers during a period of economic hardship, the Commission thinks that a consensus on fair product pricing can be obtained by working with the industry leaders.
In order to promote a better market culture that allows for the trader's margin without exploiting purchasers, the Commission will continue to support this kind of engagement. The Commission's support of Nigerian consumers in this regard is congruent with President Bola Tinubu's renewed hope program.
Remember that the commission ordered supermarket owners to make the prices of the goods on their shelves readily visible to customers for openness and prevent an ambush scenario in which they learn the pricing only after making a payment at the counter and receiving a receipt.
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