FCCPC To Punish Wholesalers, Retailers Hiking Food Prices Indiscriminately
The Federal Competition and Consumer Protection Commission (FCCPC) has warned participants in the food chain sector over indiscriminate price hikes.
In a statement on Friday, the acting executive vice chairman of FCCPC, Adamu Abdullahi, said the commission would not tolerate price gouging.
Mr Abdullahi said legal consequences would be swift and severe.
He said the FCCPC’s surveillance efforts suggested that distributors and retailers engaged in conspiracy, price gouging, hoarding and other unfair tactics and strategies.
Mr Abdullahi added that participants in the food chain sector were taking advantage of consumers’ anxiety and vulnerability to inflate prices.
He said the action restricting and distorting competition was obnoxious, unscrupulous, exploitative, and illegal.
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