LCCI seeks stronger regulatory oversight to curb exploitative pricing

By Yinka Kolawole
The 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.

Kupoluyi also cited cases in the aviation sector where local airlines allegedly fix fares during peak festive periods, arguing that such practices deserve closer regulatory scrutiny.

“We have had cases where oil marketers increased pump prices in line with international crude oil prices but retained the same prices when global prices declined. Similar concerns have been raised over airline ticket pricing during festive seasons. These market dynamics should be carefully examined to ensure consumers receive fair value,” he said.

The LCCI president stressed that effective regulation should promote competition and discourage anti-competitive practices rather than impose price controls.

He maintained that a transparent and competitive pricing framework would boost investor confidence, protect consumers and improve the operating environment for businesses, while ensuring markets function efficiently and fairly.

Kupoluyi further advocated reforms to improve the business environment, including harmonising product registration requirements to eliminate multiple approvals for products with identical formulations packaged in different sizes.

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