The Federal Competition and Consumer Protection Commission, FCCPC, has issued a stern warning to participants in the food chain sector over indiscriminate hikes in the prices of food items.
Acting Executive Vice Chairman of FCCPC, Adamu Abdullahi, in a statement on Friday in Abuja, said the Commission would not tolerate price gouging, adding that legal consequences would be swift and severe.
Abdullahi said the FCCPC’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 added that participants in the food chain sector were taking advantage of consumers’ anxiety and vulnerability to inflate prices, stressing that the action that restricted and distorted competition was intolerable, corrupt, exploitative, and illegal.
Abdullahi, therefore, warned any business participating in activities contributing to price gouging in the food chain sector is hereby 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.
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