The Federal Competition and Consumer Protection Commission (FCCPC) has warned downstream petroleum operators against exploiting consumers after global crude oil fell sharply but domestic pump prices barely budged.
Executive Vice Chairman Tunji Bello said the commission’s monitoring found only marginal cuts in gantry and retail prices by refiners, marketers, depot and outlet operators despite international crude dropping to about $73 per barrel from roughly $120 in April. Although the FCCPC does not set prices in Nigeria’s deregulated market, it is empowered by the Federal Competition and Consumer Protection Act (2018) to promote competition and protect consumers from unfair, deceptive, or exploitative conduct, and will investigate and sanction operators where credible evidence shows anti-competitive behaviour.
Bello criticized the common pattern of rapid price hikes when crude rises but slow or inadequate pass-through when it falls, noting petrol averaged about N1,200 per litre nationwide (some gantry prices are N1,025–N1,075) after peaking at N1,350–N1,500 in April–May and trading between N800–N900 in February. He acknowledged factors that influence local fuel costs i.e. refining, foreign exchange, logistics, financing and distribution, but said competitive markets should pass savings to consumers more quickly.
The commission has further urged consumers to report suspected misleading pricing or unfair market practices through its complaint channels and assured that every credible complaint will be acted on.
