The Federal Competition and Consumer Protection Commission (FCCPC), has given a one-month moratorium to traders and other market stakeholders involved in pricing to crash the prices of goods.
The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday, August 29, in Abuja.
According to Bello, the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Bello said the Commission’s investigation showed that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (₦140,000.00) but the same product was displayed for ₦944,999.00 in a supermarket in Victoria Island, Lagos.
Bello wondered about the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America.
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