FCCPC CARRIES OUT PRICE MONITORING AND SURVEILLANCE EXERCISES IN MASAKA MARKET IN NASARAWA STATE 20-04-24
By Sadiq Aminu The Federal Competition and Consumer Protection Commission has carried out price monitoring and surveillance exercises in Masaka market in Nasarawa state as part of its effort to discourage unfair pricing.
The Director, Surveillance and Investigation Mrs. Boladale. Adeyinka, who stated this while addressing newsmen during a fact finding surveillance at Masaka Markets, Nasarawa State said the surveillance was to ensure that prices are regulated and consumers are protected from exploitation.
Mrs Adeyinka expressed worry that despite the many efforts by the government and the crash of the dollar against the naira , prices of goods and services had remained high ,and explained that the findings point to a complex web of factors, including multiple layers of taxation and transportation costs, that are driving prices up.
According to the investigation, transportation costs are incurred at every stage of the supply chain, starting from the farmers who transport their produce to local markets, to the sellers who move goods to larger market squares, and finally to the retailers who deliver products to consumers.
“The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer. For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.
Mrs Adeyinka said the commission would intervene by developing a concise report of all the multiple taxes and then advise the government on how to unlock the market or remove some of these taxes or how taxes can be reduced as well as engage the executives of the market to ensure there are no restriction in bringing goods to the market .
The executive chairman of the market, Chief Danladi Gimba said the market executives are working to ensure hitch-free market operations and price regulations in the market. He called on the government to help construct good access roads to enable commodities transportation in and out of the market.
Some of the trader who spoke to Africa 247 correspondent attributed the high cost of goods in the market to high transportation cost appealed to government to reduce the price of premium motor spirit known as fuel to reduce the high cost of food stuff.