A statement by the Federal Competition and Consumer Protection Commission ,FCCPC, said the Executive Vice-Chairman of the FCCPC, Tunji Bello, gave the order at a one-day stakeholders’ engagement on exploitative pricing in Abuja.
According to Bello, the commission will begin enforcement after the expiration of the notice.
He said the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and unwholesome practices of market associations.
Bello said the issue of critical national importance of the day is the growing trend of unreasonable pricing of consumer goods and services across the country, and the unwholesome practice of market associations engaged in price fixing.
This is as the National Bureau of Statistics ,NBS, recently pegged the inflation rate at 33.40 per cent, with the food inflation at over 40 per cent.
The high inflation rate has worsened since President Bola Tinubu on May 29, 2023, pronounced an end to fuel subsidies.
Explaining further, FCCPC also said it would not fail to invoke the full weight of the law on defaulters.