March 17, (THEWILL)- The Federal Competition and Consumer Protection Commission (FCCPC) on Friday described the increase in the price of sachet water in the country as unacceptable and unfair.
The FCCPC acting Executive Vice-Chairman/Chief Executive Officer, Adamu Abdullahi, disclosed this while speaking at an event to commemorate the 2024 World Consumer Rights Day in Abuja on Friday.
The price of sachet water has gone up across the country in recent times. Currently, a bag of sachet water sold between N200 and N250 now sells as high as N500 in Abuja and other parts of the country.
Some residents of the Enugu metropolis had earlier in February expressed discontent over the scarcity and rising cost of drinking water in the state capital despite the state government’s promises.
Speaking on Friday, Mr Abdullahi explained that there was no reason for the increase in the price of sachet water in the country while noting that the astronomical increase in the price of sachet water by various associations is “unacceptable and unfair” to consumers.
“Yes, power (electricity), fuel, and price of nylon have increased, but that cannot explain the cause of the astronomical rise in price,” Mr Abdullahi said.
“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,” he added.
He noted that this has now resulted in the 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. Consumers international joined the efforts that gave us an 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 cartels, 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 with us before we go and find out.
“As we navigate the complexities of the digital age, permit me to state that FCCPC is also concerned with other prevailing issues bedevilling consumers in Nigeria, particularly the rapidly rising price of food, as in most other nations of the world,” he added.
Notwithstanding, Mr Abdullahi said the commission is not a price control agency.
“We are deeply committed to addressing the rapid rise in food prices affecting Nigerian consumers,” he said.
He further explained that the surge in food prices can be attributed to various factors, including market cartels, price fixing, hoarding, and gouging or a lack of transparency in pricing.
“A few weeks ago, we intensified our surveillance operations. This led to an enforcement action against unlawful and unfair pricing practices thus sending a clear message that such behaviours will not be tolerated.
“The FCCPC is actively engaged in combating these challenges to ensure fair pricing and protect consumers’ interests. I assure you that despite the challenges we face in the marketplace, the FCCPC remains resolute in its determination to protect Nigerian consumers and create the enabling environment for businesses to compete,” he said.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
