In response to the obnoxious increase in the price of protective products against coronavirus, such as masks, gloves and sanitizers, the Federal Competition and Consumer Protection Commission (FCCPC) has said that sanctions will be levied on any store caught exploiting consumers.
The hype in prices and scarcity of protective and hygiene products began on Friday when the first case of coronavirus in Nigeria was announced by the Federal Government.
Babatunde Irukera, the chief executive of FCCPC disclosed in a statement on Saturday that the high increase in prices of those products is contrary to S. 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) which prohibits ‘obnoxious trade practices’, or the -unscrupulous exploitation of consumers’.
He further asked Nigerians to report to the commission “such unreasonable or arbitrary exploitative price increase or trade practices” through their telephone contact on 08056002020 or 08056003030, or by email at [email protected].
The statement which was reported by TheCable read;
“This unusual and inordinate practice of unreasonably increasing the price of these products in an indiscriminate manner on account of the national public health concern (Coronavirus) violates both moral codes and extant law,”
“Abusing citizens’ sensitivity, apprehension, anxiety and vulnerability, especially during emergencies that could adversely affect national security is a violation of law.
“Specifically, S. 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) prohibits ‘obnoxious trade practices’, or the -unscrupulous exploitation of consumers’.
“The Commission’s surveillance efforts have revealed that some otherwise reputable pharmacies and department stores are engaging in price gouging and manipulating supplies in a manner that distorts the market, or temporarily restricts availability in order to unreasonably/unfairly increase prices. Any conspiracy, combination, agreement or arrangement to unduly limit or manipulate supply, in order to unreasonably enhance price or otherwise restrain competition is a criminal offence under S.108(1)(b) and (c), FCCPA.
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“Any exercise or exploitation of undue pressure in selling of the sale of goods or services, or price manipulation between displayed, and selling price are also serious violations of the FCCPA under Sections 115(3) and 124(1). Taking advantage of the possibility of infection by a dangerous communicable disease to control supply, or unilaterally increase prices is predatory as it preys on the desperation of citizens.”