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The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum refiners and marketers against maintaining high petrol and diesel prices as crude oil prices decline in the international market.
The Commission's Executive Vice Chairman and Chief Executive Officer, Tunji Bello, gave the warning on Tuesday following public enquiries about the impact of falling crude prices on domestic fuel costs.
Bello said the Commission was closely monitoring developments in the international oil market to ensure that the decline in crude prices translates into lower fuel prices for Nigerian consumers.
Latest reports indicate that Brent crude futures have fallen from a peak of $115 per barrel in September to below $90 this week.
However, petrol prices currently average between ₦1,405 and ₦1,420 per litre in Abuja, while consumers in Lagos pay between ₦1,325 and ₦1,370 per litre.
The Commission noted that Brent crude futures closed at $72.48 per barrel on February 27, a day before the war involving the United States, Israel and Iran began.
At the time, petrol sold for between ₦839 and ₦925 per litre at filling stations in Lagos and Abuja.
Marketers of petroleum products have attributed rising fuel prices in recent months to volatility in international crude prices following the outbreak of the US-Iran conflict and the subsequent blockade of the Strait of Hormuz, a major route for global oil shipments.
“If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” Bello said.
He acknowledged the impact of high fuel prices on Nigerians and said the Commission would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to monitor wholesale and retail fuel prices.
Bello added that the FCCPC would take appropriate action within its mandate where evidence of anti-competitive conduct or unfair practices prevents consumers from benefiting from lower costs.
About the Author
Blessing Stephanie Okorie is a journalist, writer, and Mass Communication student at Lagos State University. She covers energy, business, and youth-focused issues, with a keen interest in telling stories that connect people, policy, and impact. She
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