Denis Naku The skyrocketing prices of foodstuffs and other commodities being experienced across the country have been blamed by the Federal Competition and Consumer Protection Commission on the distribution sector, including wholesalers and retailers. This was made known by the South-South Zonal Coordinator of FCCPC, Uchegbu Chukwuma, after taking newsmen on a survey of the popular Oil Mill Market in Port Harcourt. According to him, the commission’s position followed market inquiries in some states within the zone, noting that its surveillance efforts suggest participants in the food chain and distribution sector such as wholesalers and retailers, are allegedly engaged in conspiracy, price gouging, hoarding, and other unfair practices to restrict competition in the market.
He further said such illicit acts restrict the supply of food and manipulate and indiscriminately inflate the price of food, pointing out that such practices, which he termed “obnoxious, unscrupulous, and exploitative,” are illegal under the FCCPA. The Commission, Chukwuma said, has been engaging in fact-finding interactions with traders’ associations and marketers to ascertain the factors responsible for the continuous hike in food prices. The South-South Zonal Coordinator of the FCCPC noted that the fact-finding inquiry was an investigative mission to gather information directly from the sources and stakeholders in major markets, particularly executives, market unions, sellers, and consumers.
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