Nigerians Yet to Benefit from Falling Crude Prices, FCCPC Warns Petrol Marketers

The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over the failure of petrol prices to reflect the recent decline in global crude oil prices, warning downstream operators against engaging in exploitative pricing practices.

According to the Commission, its ongoing monitoring of the petroleum sector indicates that reductions in gantry and retail fuel prices have been minimal despite a significant drop in international crude oil prices. The FCCPC noted that while marketers often increase pump prices quickly whenever crude prices rise, consumers have not enjoyed similar benefits from the current price decline.

FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, clarified that although the Commission does not regulate fuel prices in Nigeria’s deregulated downstream market, it is empowered under the Federal Competition and Consumer Protection Act, 2018, to promote fair competition and protect consumers from unfair and exploitative business practices.

The Commission warned that any operator found engaging in anti-competitive conduct or unjustified pricing could face regulatory sanctions.

The FCCPC’s intervention comes amid easing global oil market pressures following geopolitical developments that have contributed to lower crude prices, renewing public expectations for corresponding reductions in petrol prices across Nigeria.