The Federal Competition and Consumer Protection Commission (FCCPC) has vowed to take concrete measures to end the hoarding of food items and extortion of consumers of food and other essential commodities in the country.
The Northwest Zonal Coordinator of the commission, Alhaji Abdulkareem Othman, made the pledge when he led officials of the commission on an impromptu market survey at various food markets in Katsina.
Markets visited include Central Market and Chake market Katsina where officials of the commission interviewed traders, market associations, consumers and dealers in various staple foods on the rising food prices.
Othman said during its fact-finding mission, the commission discovered that the rising food prices was a result of hoarding which causes artificial food scarcity in the market, leading to unwarranted increase in food prices.
He explained that middlemen usually purchase food items from small scale farmers and village markets and hoard same in large stores and silos, which enables them to dictate its price in the market.
“The FCCPC’s surveillance efforts suggest that participants in the food chain including wholesalers and retailers are engaged in conspiracy, price gauging, hoarding and other unfair practices.
“They do these to restrict or distort competition in the market, restrict the supply of food, and manipulate and inflate the prices of food indiscriminately.
“These obnoxious, unscrupulous, and exploitative practices are illegal under the FCCP Act”, he noted.
Othman said the commission will develop a concise report of its inquiry and make recommendations to the government, as well as initiate broad-based policies to ensure fair food prices for consumers across the country.
Isma’il Adamu
