FCCPC warns against hoarding, price distortion in markets

Federal Competition and Consumer Protection Commission FCCPC has cautioned traders against inflicting artificial scarcity of grains and other consumables items, adding that such illicit acts contribute largely to food inflation in the country.

Besides, the commission issued a strong warning to those described as market cartels who are in the habit of fixing and gauging prices of commodities thereby promoting the needless high cost of commodities in the market.

Executive Vice Chairman of FCCPC, Mr. Tunji Bello, gave the caution on Wednesday at stakeholders’ engagement in Kano.

Mr. Bello disclosed that FCCPC was intentional in choosing Kano for its advocacy engagement with marketer and traders because of its volume of trade and history records of commerce the state is known for.

The FCCPC boss stressed that a survey conducted in Kano indicated a group of people taking undue advantage of the economic situation to exploit consumers with high prices.

The FCCPC man made it clear that the commission is entrusted with powers under the law to arrest and prosecute anyone found creating artificial barriers in form of entrance levy by market association.

He however said the commission has taken the part of dialogue to discourage the perpetrators. He said the Kano engagement sequel to the interactive sessions earlier hosted in Abuja and Lagos for stakeholders in the production and distribution chain in its renewed advocacy to curb anti-consumer practice in the country.

In their separate remarks during the interactive session, leaders of market associations, manufacturers and consumers attributed the high cost of commodities to the withdrawal of fuel subsidy, devaluation of naira, inflation rate and variation between naira and foreign currencies.

Muhammad Aminu, a market leader lamented the rate of profit lost to transporting goods and commodities due to the removal of subsidy. They advocated for a return of subsidy to crash inflation.

Another business man Abdullah Yakubu suggested introduction of price control to curb indiscriminate fixing of prices of items in the market. He claimed that government intervention to cushion the impact of subsidy removal is not cascading to the grassroots and communities that need the intervention.