The Federal Competition and Consumer Protection Commission (FCCPC) has clarified its stance on market price regulation, stating that it will not intervene in setting prices. Instead, the Commission will focus on enforcing laws that prevent unfair competition and protect consumers from exploitative practices.
Contrary to previous statements, the FCCPC emphasized that its role is to ensure a balanced approach that respects market dynamics while safeguarding consumer interests. The Commission will address harmful practices, such as price fixing, and promote a fair and competitive marketplace.
In a statement, the FCCPC Director of Special Duties and Strategic Communication, Ondaje Ijagwu, noted that the Commission will work collaboratively with stakeholders to identify and address the root causes of exploitative pricing. A one-month moratorium has been granted to businesses to adjust their practices and comply with consumer protection laws.
The FCCPC reaffirmed its commitment to maintaining a healthy competitive environment and protecting consumers from harm, while also respecting private enterprise and promoting ethical business practices.
