A retailer sells a bag of rice to a customer at ₦28,000 instead of the government-approved price of ₦22,000. This act is referred to as

Profiteering occurs when a seller charges prices far above the approved or fair market price, exploiting consumers especially during periods of scarcity or emergency. In this scenario, the retailer charges ₦6,000 above the approved price, which constitutes profiteering. Dumping and counterfeiting are entirely different commercial malpractices.