FCCPC vice chairman, Tunji Bello disclosed this during a stakeholders’ meeting on exploitative prices in Abuja on Thursday.
According to him, the Commission has uncovered several cases of exploitative prices by Nigerian traders.
He said a supermarket in Lagos increased the price of Fruit Blender known as Ninja by 500 percent from N140,000 sold in Texas, United States to N944,999.00 in a supermarket in Victoria Island, Lagos, Nigeria.
Tunji told traders that unwholesome practices, including price fixing and gouging were threatening the stability of the economy.
Consequently, the EVC said the commission will begin enforcement after the September 2024 moratorium.
“Under Section 155, violators, whether individuals or corporate entities, face severe penalties, including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month (September) before the commission will start firm enforcement, ”
from dailypost
Lol
ReplyDeleteFG I give you 1 month ultimatum to reduce fuel price to N150 per litre...Tiktok! Tiktok!!
Delete👍🏼👍🏼@phoenix
DeleteYou dey mind FG @ phoenix
DeleteYes oh, it's very important.
ReplyDeleteFoodstuffs are still very expensive
Price control is very essential, the cream I use has been 5000 CFA since 2014 till date but in Nigeria is 34,000 can you imagine the difference? I don't kukuma buy it here, I always send my friend whenever she is coming here.
ReplyDeleteGreat News for our Locally sourced food produce But not so Great for Imported edible.(import duties,Forex)
ReplyDeleteLet this Government please get it Right by God's Grace.
This is a good development. While the local traders are complaining of high cost of transportation. What is the government doing about fuel price? All these affect cost of food stuff too, what about the bandits disrupting farmers effort and even mechanized farming should be encourage, not just
ReplyDeleteNo mind them
DeleteFG always doing the most. They don't have the moral right to regulate price seeing the mess they put Nigerians into. They should crash the price of fuel first. Only then we can take them serious.
ReplyDeleteAlways majoring in the minor.
Long hiss
ReplyDeletePrice control policies should actually be looked into for real because the hike in prices is really crazy! In as much as the cost of fuel is a huge factor, some traders just have a way of exploiting their customers which is not fair at all.
ReplyDeleteThat said, the government should bring down the price of fuel, that way these traders can easily reduce the prices of their wares.
Of course they are exploiting. Their products would stay there and rot on them before I play their games. I am not against anyone trying to make a profit but price gouging is a game that I do not play or support.
DeleteI pray it works
ReplyDeleteHow can it work dear. So you buy something one thousand naira and someone is asking you to reduce the price to eighty naira. What happens to government doing their part by reducing fuel price, fighting insecurity so that farmers can go to farm and watch price of things come down naturally. We are not ready yet
DeleteLet's see how it goes...
ReplyDeleteWhen am buying fuel for 950. The federal government do not have the moral right to tell people how to sale their products when they themselves have not done their part by regulating the price of fuel to it minimal nor strengthening our weak naira.
ReplyDeleteThe increment is too much...
ReplyDeleteI pray it will work,e dey easy rara.
Great News oooo
ReplyDeleteThis one they say Tomatoes is cheap now
Nah Lie oooo
I just it works ooo
Hello iya Boys
Tomato is cheap now compare to last two months a painter was being sold for 9/10k. Now a painter is 1000/1200.
DeleteLike Seriously
DeleteWhich Area do you buy Tomatoes
My place Tomatoes painter is 7k-8k
You sure I no go Relocate come your place ...
Hello iya Boys
The government knows what to do. Instead they are beating about the bush. People are buying fuel for 950 -1k per liter and you expect food stuff not to be high? Farmers don't have access to their farms due to insecurity and you expect food stuff not to be high? If Federal govt will stop deceiving themselves and address these two issues, food prices will crash.
ReplyDeleteTrue words 💯
DeleteSeriously???🤨🤨🤨
ReplyDeleteAnyways, l pray it works
ReplyDeleteBut they should reduce the price of fuel too.
This can only work if the price of fuel is reduced.
ReplyDeleteThe govt should first bring price of fuel down. Then they can regulate the prices of commodities.
ReplyDeleteNo wonder i saw my garri on konga N780 for 1kg pack. I was surprised.
ReplyDeleteI just hope it works
ReplyDeleteThings are just to expensive
Lol
ReplyDeleteNigeria my country
I pray it works
I hope fuel is included iis on the list of items you want to you want the price crashed? If fuel come to 100 per liter everybody go rejoice.
ReplyDeleteGovt should bring down the price of fuel first
ReplyDelete