Rising prices of commodities: FCCPC exposes sharp practices by market associations

 

The Federal Competition and Consumer Protection Commission (FCCPC), has exposed sharp practices by unscrupulous markets associations in the country which led to rising cost of goods in recent times.

The acting Executive Vice Chairman of the Commission, Dr Adamu Abdullahi, disclosed this in Bauchi during an engagement with religious and traditional leaders on the rising cost of commodities.

Abdulahi said findings by FCCPC across markets in the country revealed unlawful practices among market associations.

He warned that such market associations engaging in the fixing prices must desist or face the full wrath of the law.

“We have seen some distortions in the markets that is what the investigations we have done have far have revealed.

“All the markets in the federal have been exposed.

“We have associations in the markets that fix prices which is against the law.

“We have associations that block entries into the markets, which is also against the law and we have been talking to market executives to ensure that all these practices stopped, ” he said.

The acting Executive Vice Chairman of the Commission, said FCCPC is currently carrying out advocacies across the country to sensitise consumers on their rights.

“Next time we come we will apply the full wrath of the law and ensure that the right thing is done,” he warned.

“That is my message to all and sundry that we are up and equal to our task and we will do our best to ensure that the prices of commodities come down”.

Abdullahi said that FCCPC team has spoken to market associations across the country situation on the need to address it.

“They have given us good advice that we are going to give to government and we appreciate all the support we have got so far from all the retailers in the markets,” he said.

“We have heard what their own complaints are and these are things that will help us in our own job.

“They have also heard from us and they know that some of the things that they are doing are against the law and we have warned them to desist from such practices,” he added.