Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern about the high cost of fuel, accusing operators in the downstream petroleum sector of exploiting consumers despite a sharp drop in global crude oil prices.
The Commission said on Sunday that its monitoring of the market showed only minor price reductions by refiners, marketers, and retailers, which do not match the significant fall in international crude prices.
FCCPC Chief Executive, Tunji Bello, clarified that although the Commission does not fix fuel prices in the deregulated market, it will investigate and sanction any business found engaging in unfair or exploitative practices.
“We are concerned that while dealers quickly raise pump prices when crude prices go up, consumers are not getting meaningful relief now that prices have fallen,” Bello said. “Competitive markets must work fairly in both directions.”
Crude oil prices have dropped to about $73 per barrel from a high of $120 in April, following a ceasefire between the US and Iran and the reopening of the Strait of Hormuz.
During the earlier period of high crude prices, petrol (PMS) sold for between ₦1,350 and ₦1,500 per litre, while diesel reached around ₦2,000. In February, before the spike, petrol was sold for ₦800 to ₦900 per litre.
Currently, petrol is still averaging around ₦1,200 per litre across the country, with some gantry prices fixed between ₦1,025 and ₦1,075. The FCCPC acknowledged that factors such as exchange rates, logistics, and distribution costs affect local prices. However, it insisted that consumers should benefit more from the lower global crude prices.
Bello warned that the Commission will take enforcement action against any anti-competitive or exploitative conduct. He also called on Nigerians to report unfair pricing and other market abuses through the Commission’s complaint channels.
The FCCPC said it remains committed to protecting consumers while respecting the principles of a deregulated petroleum market.
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