The Federal Competition and Consumer Protection Commission (FCCPC) has ordered traders to crash prices of goods within one month or face prosecution.
The Executive Vice Chairman of FCCPC, Mr Tunji Bello, issued the order on Thursday at a one-day stakeholder’s engagement on exploitative pricing held in Abuja.
He said traders are exploiting the system to sell goods at exploitative prices.
The FCCPC boss said
the directive would also tame unreasonable pricing of consumer goods and services resulting from the unpleasant practice of market associations.
He said, “Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
“This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
“It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement.”
Bello disclosed how fruit blender sold at a popular supermarket in Texas, USA, for 89 dollars (N140,000.00) was displayed for sale at the rate of N944,999.00 in a supermarket in Victoria Island, Lagos.
Bello said the culture of price fixing by traders is threatening the stability of the economy.
Bello said, ”We have heard and you have genuine issues and the government has the responsibility to address the problems, but generally, let us talk to ourselves too.
“There are also gang-ups to exploit consumers by traders.”