Fccpc Blames Market ‘Cartels’ For High Costs Of Goods

The Federal Competition and Consumer Protection Commission (FCCPC) has fingered the rising cost of food items nationwide on market cartels. 

The Acting Executive Vice-Chairman of FCCPC, Dr Adamu Abdullahi, stated this, during an event to commemorate the 2024 World Consumer Rights Day in Abuja. 

The theme of this year’s celebration was: “Fair and Responsible Al for Consumers." 

For instance, Abdullahi said that the astronomical increase in the price of sachet water by various associations is unacceptable and unfair to the consumers. 

He said that there was no reason whatsoever for the increase in the price of sachet water because most of the producers already had their machines. 

“Yes, power, fuel, and price of nylon had increased, but that cannot explain the cause for the astronomical rise in price. 

“What we have discovered is that most products now have associations, even the sachet water producers. 

“When you have your eggs that you brought from your farm to sell at Wuse market, the association of egg sellers will tell you that you have to sell to them at cheaper rates, while they resell to consumers at higher prices. 

“This has now resulted in the emergence of `cartels’ and cartels, anywhere in the world, are not acceptable. 

“Our Act is against price fixing and it is not acceptable to us. We will find out about these cartels and do something about their activities. 

“The Consumers International joined the efforts that gave us the inkling of how prices have rolled in Nigeria in the last three months and it is so surprising and unacceptable. 

“It is simply the isscartelscartel and we have to break in, find out what is going on and dissolve such cartels. But, the consumers are the ones who will complain to us before we go and find out,” he said. 

The acting executive vice-chairman said that although the commission was not a price control agency, it was deeply committed to addressing the rapid rise in food prices which was affecting consumers. 

“The surge in food prices can be attributed to various factors, including market cartels, price fixing, hoarding and gouging or lack of transparency in pricing.