The report that the Federal Competition and Consumer Protection Commission, FCCPC, said it is in the process of regulating the prices of food items and other commodities in the Nigerian market has drawn its reaction.
A statement credited to FCCPC had said that it would clamp down on profiteers into food items and commodity businesses.
It spurred mixed reactions, with many coming hard on the government, saying prices are determined by market forces, and the authorities should busy themselves with ways to arrest rising inflation, a consequence of its economic policies.
The criticism provoked reaction from FCCPC through a statement its Director, Special Duties and Strategic Communication, Ondaje Ijagwu released in which it set the record straight.
It said that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace.
“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities.
“We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless,” the statement partly read.
