Hike in price of sachet water unacceptable, we'll fish out cartels - FCCPC

News Agency Of Nigeria

March 15, 2024 3:22 PM

The price of sachet water by various associations is unacceptable and unfair to the consumers.

Hike in price of sachet water unacceptable, we'll fish out cartels - FCCPC

Federal Competition and Consumer Protection Commission (FCCPC) has described the astronomical increase in the price of sachet water as unacceptable.

Acting Executive Vice-Chairman of FCCPC, Dr Adamu Abdullahi, stated this at an event to commemorate the 2024 World Consumer Rights Day in Abuja on Friday.

The News Agency of Nigeria (NAN) reports that theme of this year’s celebration is: “Fair and Responsible Al for Consumers.’’

According to Abdullahi, the astronomical increase in the price of sachet water by various associations is unacceptable and unfair to the consumers. He said that there was no reason whatsoever for the increase in the price of sachet water because most of the producers already had their machines.

"Yes, power, fuel, price of nylon had increased, but that cannot explain the cause for the astronomical rise in price.

"What we have discovered is that most products now have associations, even the sachet water producers.

"When you have your eggs that you brought from your farm to sell at Wuse market, the association of egg sellers will tell you that you have to sell to them at cheaper rates, while they resell to consumers at higher prices.

"This has now resulted in emergence of `cartels’ and cartels, anywhere in the world, are not acceptable.

"Our Act is against price fixing and it is not acceptable to us. We will find out these cartels and do something about their activities.

"The Consumers International joined the efforts that gave us the inkling of how prices have rolled in Nigeria in the last three months and it is so surprising and unacceptable.

"It is simply the issue of cartel and we have to break in, find out what is going on and dissolve such cartels. But, the consumers are the ones who will lodge the complaint to us before we go and find out,” he said.

The acting executive vice-chairman said although the commission was not a price control agency, it was deeply committed to addressing the rapid rise in food prices which was affecting consumers.

"The surge in food prices can be attributed to various factors, including market cartels, price fixing, hoarding and gouging or lack of transparency in pricing.

"FCCPC is actively engaged in combating these challenges to ensure fair pricing and protect consumers’ interests,” he stated.

On consumers’ extortion and deceptive pricing that led to the sealing of the headquarters of a popular supermarket in Abuja recently by the commission, he said that the supermarket had complied with 90% of their guidelines.

Abdullahi assured that the commission would continue to monitor supermarkets to ensure effective consumer protection.

News Agency Of Nigeria