In a bid to address what it described as growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations resulting in exploitative procing, the Federal Competition and Consumer Protection Commission (FCCPC) on Thursday gave traders and other market stakeholders one month moratorium to crash the prices of goods, Nairametrics is reporting.
The Executive Vice Chairman of the FCCPC, Mr Tunji Bello gave the moratorium at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.
Bello, who recently took over as the boss of FCCPC said the Commission will begin enforcement after the moratorium.
According to the FCCPC boss, the meeting was called in response to the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Citing an example of such exploitative pricing, the FCCPC boss said the Commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.
Bello wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.
