The food chain industry has received a harsh warning from the Federal Competition and Consumer Protection Commission (FCCPC) on the indiscriminate increase in food costs.
Price gouging will not be tolerated, the Commission declared in a statement issued by Dr. Adamu Abdullahi, Acting Executive Vice Chairman of the FCCPC, on Friday in Abuja. The statement also threatened quick and severe legal repercussions.
According to Abdullahi, the FCCPC’s surveillance operations revealed that price gouging, hoarding, conspiracy, and other unfair methods and strategies were being used by participants in the food chain distribution and retail level.
Abdullahi went on to say that players in the food chain industry were abusing consumers’ fear and susceptibility to price inflation, emphasizing that this was an unpleasant, dishonest, exploitative, and unlawful practice that limited and distorted competition.
He states that any company involved in price gouging in the food chain industry is forewarned to stop immediately or risk facing the full weight of the law.The Commission’s top priority continues to be addressing important competition and consumer protection issues in the food chain industry.
“Participants in the food chain distribution and retail level were engaging in conspiracy, price gouging, hoarding, and other unfair tactics and strategies, according to the Commission’s surveillance efforts,” he stated.