FCCPC Warns Market Executives, Traders Against Forming Cartel, Vows To Tackle Arbitrary Price Hike

The Federal Competition and Consumer Protection Commission, has embarked on a fact finding and investigative mission to Masaka Market in Karu Local Government Area of Nasarawa State.

The move is part of efforts to check the arbitrary increase in the prices of food items by traders across the country.

The Director of Surveillance and Investigations of the FCCPC, Boladale Adeyinka, led her team to the Masaka village market in Karu Local Government Area of Nasarawa State.

She told journalists that the engagement was geared towards crashing the prices of food in the country.

Adeyinka said the move was part of the Commission ‘s food price campaign towards in addressing the exorbitant prices of commodities despite the reduction in the exchange rate.

According to Adeyinka, the Commission will come up with an accurate report and advise the Federal Government on how the issue can be addressed

She advised Market Unions and Associations against forming cartel by embarking on arbitrary increase in the prices of goods most especially food items and other consumables.

The Director reiterated the determination of FCCPC towards protecting the consumers from extortion and other market irregularities in the country.

Adeyinka explained that the exercise would be carried out in other open markets nationwide.

She said, “This is a fact-finding mission, an investigative mission to gather information directly from the sources. The food price campaign continues. We are here to find out from three levels of stakeholders, who are market executives, sellers and consumers.

“We had a meeting with the market executive to find out if they were issuing levies, taxes, things that are added to the cost, starting from the farmer to the sellers.”

On his part, the Chairman of the Market Association, Mr Danlami Gimba attributed multiple taxation, increase in fuel pump price and transportation as some of the factors responsible for the high in prices of goods in the market.

Gimba who commended FCCPC for the fact findings appealed to the Federal Government to consider the reduction in fuel pump price towards ensuring reduction in prices of commodities in the market.