The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned petroleum marketers against taking advantage of citizens, noting that current retail petrol prices fail to align with the significant drop in international crude oil costs. In a recent announcement, the commission revealed that its monitoring of the downstream sector uncovered evidence of consumer exploitation, as price adjustments by industry stakeholders have been insufficient despite the consistent decrease in global oil values.
Global crude prices have receded to approximately 73 dollars per barrel following the easing of tensions between the United States and Iran and the normalization of shipping in the Strait of Hormuz. During peak geopolitical instability earlier this year, prices reached roughly 120 dollars per barrel, which triggered immediate hikes in pump prices throughout Nigeria. Although crude prices have now returned to February levels, retail costs remain disproportionately high.
Tunji Bello, the Executive Vice Chairman and CEO of the FCCPC, emphasized that while the agency does not control prices in a deregulated market, its mandate under the 2018 Federal Competition and Consumer Protection Act is to ensure fair market competition and safeguard the public from deceptive practices. Bello highlighted the inconsistency of marketers, who raise prices rapidly during crude spikes but fail to reduce them when global costs fall. He warned that the commission is prepared to investigate and sanction any entity found engaging in price manipulation or anti-competitive behavior. The commission has invited Nigerians to report any suspicious market conduct through its formal channels.
