The Federal Competition and Consumer Protection Commission (Commission) has become aware of media reports indicating that the Honourable Federal High Court has ordered the Federal Government to fix the prices of certain food commodities….CONTINUE READING
This is an unusual practice in a free market. Although the Commission was not a party to the suit, it is taking all steps to obtain the judgement of the Court and make appropriate responses.
For clarity, it is imperative to underscore that the Commission is not mandated to regulate prices. However, in rare situations and pursuant to Part XI, and Section 88 of the Federal Competition and Consumer Protection Act (FCCPA), the Commission may advise the President to fix the prices of certain goods and services, based on empirical evidence.
The Commission understands the natural apprehension consumers and businesses are experiencing. It, therefore, notes and welcomes continuing engagements and progressive measures to contain price gouging throughout the food distribution chain.
On July 18, 2023, the Commission and Consumers International co-hosted the Fair Food Pricing Multi-stakeholders Workshop for the purpose of gathering information and evidence on anticompetitive activities such as price gouging, price fixing and other cartel conduct that lead to unfair food pricing.
