Following the recent increase of pump prices of liquid fuel in the country, the Competition and Fair Trading Commission has noted with regret that some trade associations have already started announcing fixed price adjustments for goods and services in their respective industries.
It is against this development that the Commission would like to advise all trade associations, group of enterprises, other stakeholders and the general public that fixing of uniform prices for goods and services in any market is prohibited under Sections 33(3)(a) and 34(1)(b) of the Competition and Fair Trading Act (CFTA). Further that price gouging in form of unjustifiable and unreasonable price increases also amounts to a violation of Section 43(1)(g) of the CFTA.
Therefore, the Commission is calling upon all trade associations and other stakeholders to cease and desist from engaging in these prohibited practices. If any trade association or any stakeholder will be found engaging in this malpractice, the Commission will not hesitate to execute deterrent measures as prescribed under Section 51 of the CFTA.
If you want to report any association or person found engaging or suspected to be engaging in a price-fixing cartel in any market or price gouging, please, contact the Commission by calling our Toll-free number 2489, lodge your complaint on our website, report on our Facebook page or email [email protected].
ACTING EXECUTIVE DIRECTOR