The Federal Competition and Consumer Protection Commission FCCPC has threatened to prosecute businesses involved in unfair competition practices through unnecessary increase in prices of their products.
The commission said the warning became imperative following unnecessary price hike by sellers of basic health products as a result of the natural apprehension by consumers due to the spread of the coronavirus pandemic.
The FCCPC said in a statement signed by its Chief Executive Officer, Babatunde Irukera, that those involved in such practices would be tracked, apprehended and prosecuted.
While commending the measures so far taken to contain the public health challenge of COVID-19, it warned against irrational pricing of critical hygiene products.
Irukera said, “The commission understands the natural apprehension consumers experience at a time like this.
“Although many have exercised circumspection and continued to ensure supply and pricing within fair and acceptable ranges, the commission’s periodic monitoring and reports still show that some suppliers and retailers continue to take undue and opportunistic advantage of citizens by selling these products at inexplicably high and excessive prices.
“The commission is determined to ensure that suppliers and retailers do not manipulate supply to distort the market or promote high prices or engage in excessive pricing of relevant products.
“The commission intends to enforce the law with respect to fair competition and consumer protection.
“We will deploy all available statutory tools to prevent profiteering and exploitation in this inauspicious season.”
The commission, according to the statement, urged suppliers, retailers, online shopping platforms, as well as individuals who buy to resell not to charge unreasonable or inflated prices.
It also urged consumers to moderate purchases and not to buy in panic.