The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to petroleum marketers regarding current pricing practices. In a statement released Sunday by Director of Corporate Affairs Ondaje Ijagwu, the agency indicated that local pump prices have failed to reflect the recent decline in global crude oil costs.
The commission highlighted that while fuel prices surged to between N1,350 and N1,500 per litre earlier this year due to international tensions, the current average price remains high at approximately N1,200 nationwide. Reports show that local refiners are currently setting prices between N1,025 and N1,075, yet retailers are not passing sufficient savings to the public.
FCCPC Executive Vice Chairman Tunji Bello expressed frustration over the asymmetric reaction of the market. He noted that while operators are quick to raise costs during market spikes, they show reluctance to lower them when conditions improve. Although the FCCPC does not set prices in a deregulated market, Bello emphasized that his agency is mandated to stop exploitative business practices and ensure fair competition for all Nigerians.
