“The FCCPC understands the significant financial strain these rising prices place on Nigerian households. As a result, the Commission is taking proactive steps to address this issue,” Mr Abdullahi said.
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“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. This includes monitoring and investigating unusual price hikes, addressing consumer complaints, and taking action against businesses that engage in anti-competitive practices such as price-fixing, price gouging or cartel formation,” the statement read.
“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices. He disclosed that the Commission will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to the sharp practices.
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