No plans to regulate prices – FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) has denied that it is planning to regulate prices in the Nigerian market.

This was contained in a statement signed by its Director, Special Duties and Strategic Communication, Ondaje Ijagwu, on Tuesday.

It clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace.

The statement came in response to feedback from the Organised Private Sector and other stakeholders who expressed concerns over the commission’s recent directive to businesses to halt practices such as price gouging and price fixing.

The commission stressed that its role is not to control prices but to ensure that the market operates fairly.

“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities.

“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless,” it said.

The commission emphasised that while external factors such as foreign exchange fluctuations and the removal of fuel subsidies have significantly impacted pricing, these do not justify unfair practices that exploit consumers.

“These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer,” the statement added.