* Vows to mete out severe punishment to culprits
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to participants in the food chain sector over indiscriminate hike in the prices of food items
Its Acting Executive Vice Chairman, Dr Adamu Abdullahi, warned through a statement on Friday that the agency would not tolerate price gouging, adding that legal consequences would be swift and severe.
Abdullahi said the FCCPC’s surveillance efforts suggested that participants in the food chain distribution and retail level are engaging in conspiracy, price gouging, hoarding and other unfair tactics and strategies.
Abdullahi added that participants in the food chain sector were taking advantage of consumers’ anxiety and vulnerability to inflate prices, stressing that the action which restricted and distorted competition was obnoxious, unscrupulous, exploitative and illegal.
According to him, any business participating in activities contributing to price gouging in the food chain sector is hereby warned to desist forthwith or face the full force of the law.
”The Commission’s priority remains to address key consumer protection and competition issues in the food chain sector.
”The Commission’s surveillance efforts suggested that participants in the food chain distribution and retail level were engaging in conspiracy, price gouging, hoarding and other unfair tactics and strategies,” he said.
