The Federal Competition and Consumer Protection Commission, FCCPC, has given a stern warning to participants in the food chain sector over promiscuously increasing the cost of food items.
In a statement signed by Dr Adamu Abdullahu, the Acting Executive Vice Chairman of FCCPC, on Friday in Abuja, the Commission said it would not tolerate price cutting as the legal consequences would be immediate and harsh.
According to Abdullahi, the FCCPC’s observatory efforts suggested that participants in the food chain distribution and retail level were playing a part in conspiracy, price cuts, hoarding and other illegal tactics and strategies.
Abdullahi also alluded to the food chain sector participants taking advantage of consumers’ fears and vulnerability to hike prices, stressing that the act which limited and twisted competition was unsavoury, unethical, exploitative and illicit.
According to him, any business engaging in activities subscribing to price cutting in the food chain sector is immediately warned to stip forthwith or face the full force of the law.
In Abdullahi’s words:
“The Commission’s priority still remains on addressing key consumer protection and competition issues in the food chain sector.”
