Why we can’t fix prices —FCCPC

The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Tunji Bello, has said the agency does not fix or dictate prices of goods and services in the market; since it is not within its statutory mandate to do so.

Bello, who made the clarification during a live TV Session, over the weekend, noted that the primary concern of the agency is ensuring the rights of the Nigerian consumers are not. in any way, trampled upon by producers and sellers of goods and services in the country.

The FCCPC boss added that the transition of the agency from Consumer Protection Council (CPC) to Federal Competition and Consumer Protection Commission (FCCPC), years ago, was to further equip it with the much-needed legislations, to carry out its regulatory functions.

With the new status, the agency, he stated, now has the power to ensure there is fair and healthy competition in the market, in line with its mandate, while it would not also hesitate to wield the big stick in a market where such are lacking.

“When you talk about pricing, all we can do is to ensure that such is determined by supply and demand, and fair competition. When there is fair competition, we can not dictate the price. We can not say this is the price you must sell your product; since we are not a price control agency. What we normally wouldn’t tolerate is price gouging and unfair practices in any market,” he stated.

While assuring Nigerians of the steel resolve of the agency to carry out its mandate, the FCCPC boss however called on customers, whose rights have been flouted, to always forward their complaints to the agency, through its multi-layered channels of complaints.

“Consumers must understand the rights they have under the law. If you have been cheated by a producer of goods, or a seller, you have the right to complain to the authority.

“We are giving the assurance of our readiness to act on those complaints, but the consumer must play their part too. They must come out and complain that this is what  I paid for.  This is what I supposed to get. It is our responsibility to take it up on behalf of such consumer, and ask the seller why that is so. We are ready to protect the rights of the consumer. But we can’t do that if they don’t come out to complain,” he added.

Bello noted that the agency had, in the past one year, intervened and got some issues resolved.

Citing the case of consumers in the power sector, who were being asked by the distribution companies (DisCos) to pay for new meters, due to plans by those DisCos to phase out the existing meters.

“When we heard this case, we had to contact Nigerian Electricity Regulatory Commission (NERC), and got the exercise halted to the relief of many consumers in the sector,” he added.

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