In a bid to protect consumers from unfair trade practices, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to businesses engaging in arbitrary price hikes and price fixing.
In a statement released on Sunday via its official channels, the commission emphasized the detrimental impact of price manipulation on consumers’ well-being and economic stability, urging citizens to report instances of unjustified price increases.
As reported by Vanguard, the commission highlighted that arbitrary price increases, often resulting from practices such as price gouging and supply manipulation, contravene existing laws and undermine fair competition.
The FCCPC reiterated its commitment to promoting fair competition, protecting consumers’ rights, and maintaining a regulated marketplace. It expressed gratitude for citizens’ vigilance and urged active participation in reporting any violations encountered.
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