The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to participants in the food chain sector regarding the indiscriminate increase in the prices of food items. In a statement signed by the Acting Executive Vice Chairman, Dr. Adamu Abdullahi, in Abuja on Friday, the Commission emphasized that it would not tolerate price gouging and warned of swift and severe legal consequences.
Abdullahi noted that the FCCPC’s surveillance efforts indicated that participants in the food chain distribution and retail levels were involved in conspiracy, price gouging, hoarding, and other unfair tactics.
He emphasized that such actions, which restrict and distort competition, were unacceptable, exploitative, and illegal, taking advantage of consumers’ anxiety and vulnerability to inflate prices.
According to him, any business participating in activities contributing to price gouging in the food chain sector is hereby warned to desist forthwith or face the full force of the law.
”The Commission’s priority remains to address key consumer protection and competition issues in the food chain sector.
”The Commission’s surveillance efforts suggested that participants in the food chain distribution and retail level were engaging in conspiracy, price gouging, hoarding and other unfair tactics and strategies,” he said