The Youth Assembly of Nigeria (YAN) has called on the Federal Government to strengthen the enforcement of commodity price regulations to promote economic stability and protect Nigerians from what it described as arbitrary increases in the prices of goods and services.
Speaking with journalists in Abuja, the National Speaker of the Youth Assembly of Nigeria, Rt. Hon. Famuyibo Oluwasegun, expressed concern over the continued high cost of essential commodities despite recent reductions in the pump price of Premium Motor Spirit (PMS).
According to him, while the prices of goods often rise immediately whenever the cost of petrol increases, they rarely decline when fuel prices are reduced, a situation he said points to weak market regulation and enforcement.
He noted that the trend has continued to place financial pressure on millions of Nigerians and called on relevant authorities to ensure that consumers benefit from lower transportation and production costs.
Famuyibo said that within the last six months, the pump price of petrol had dropped significantly from about ₦1,350–₦1,400 per litre to between ₦1,090 and ₦1,120 per litre.
However, he observed that the prices of food items and other essential commodities have remained largely unchanged.
He urged the Federal Competition and Consumer Protection Commission (FCCPC), state consumer protection agencies, and other relevant regulatory bodies to intensify market surveillance, enforce fair pricing practices, and ensure that reductions in operational costs are reflected in the prices of goods and services.
According to the YAN Speaker, effective enforcement of commodity price regulations would help reduce inflationary pressures, improve the purchasing power of Nigerians, stimulate economic growth, and strengthen public confidence in the country’s economic management.
The Youth Assembly of Nigeria reaffirmed its commitment to advocating policies that promote economic justice, social welfare, and sustainable national development.
The organisation also appealed to traders, manufacturers, transport operators, and other stakeholders to act responsibly by passing on the benefits of lower fuel prices to consumers through more affordable pricing of goods and services.