The Federal Competition and Consumer Protection Commission (FCCPC) has blamed wholesalers and retailers for the incessant increase in the prices of commodities.
The South South Zonal Coordinator of FCCPC, Sir Uchegbu Chukwuma, disclosed this to journalists shortly after the nationwide food market inquiries by the commission in Port Harcourt on Wednesday.
He said the FCCPC surveillance efforts suggest participants in the food chain and distribution sector including wholesalers and retailers are allegedly engaged in conspiracy, price gouging, hoarding and other unfair tactics to restrict competition in the market.
He said such sharp practices restrict the supply of food, manipulate and inflate the price of food in an indiscriminate manner which is illegal under the FCCPA Act.
He said the fact-finding inquiry is an investigative mission to gather information directly from the sources and stakeholders in major markets, particularly executives, market unions, sellers and consumers.
He said the commission’s priority remains to unlock the markets and address key consumer protection and competition issues affecting the prices of commodities in the food sector.
“We have found out that there is a lot of money these people pay from point of purchase. Almost all the people we spoke with said the same. From Benue State to this place each truck coming here pays not less than N250,000 as illegal fees enroute their respective destinations,” he added.
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