FCCPC warns petrol marketers that Nigerians are not benefiting from the drop in crude prices.

The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned petrol marketers about unfair pricing practices.

In a statement released on Sunday by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, a review of current gantry and retail prices indicated that consumers had not yet fully benefited from the recent decline in global oil prices.

The FCCPC observed that the earlier surge in crude oil prices had led local refiners and marketers to quickly increase pump prices nationwide.

The Daily Post notes that petrol prices rose to between ₦lN1,350 and N1,500 per litre, while diesel reached as high as N2,000 as hostilities in the Gulf intensified between April and May.

According to the Commission, petrol continues to be sold at an average of N1,200 nationwide, with some local refiners setting gantry prices between N1,025 and N1,075.

“The Federal Competition and Consumer Protection Commission, FCCPC, has expressed concern over findings from an ongoing surveillance of the downstream petroleum market suggesting undue exploitation of consumers.”

“A review of the gantry prices of local refiners, marketers, depot operators and retail outlet operators revealed token reductions in prices that are not commensurate with the steep fall in crude prices in the global market,” the statement said.

The FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, expressed concern that the response to changes in crude oil prices seemed one‑sided.

He noted that downstream operators typically react quickly to rising crude prices by raising pump rates, yet hesitate to pass the benefits to consumers when prices decline.

Bello clarified, “To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti‑competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices.”

He added, “We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions.”

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