By Yinka KolawoleThe Lagos Chamber of Commerce and Industry (LCCI) has called for stronger regulatory oversight of Nigeria’s pricing environment, urging the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to protect consumers and businesses from unfair market practices.
Speaking on the state of the economy in Lagos, Wednesday, LCCI President, Engr. Leye Kupoluyi, said while the chamber does not advocate price controls, regulators should ensure that pricing reflects prevailing market realities in line with international best practices.
He noted that businesses and consumers have continued to express concern over the persistent asymmetry in domestic petrol pricing, where increases in global crude oil prices are immediately reflected at the pump, while corresponding declines are rarely passed on to consumers.
According to him, the trend raises questions about market transparency, pricing fairness and consumer protection.
“We call on FCCPC, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and other relevant agencies to strengthen oversight of pricing mechanisms, ensure greater transparency, and protect consumers from exploitative market practices,” he said.
