The Federal Competition and Consumer Protection Commission has said it will investigate gantry and retail fuel prices across Nigeria's downstream petroleum sector, citing findings from an ongoing market surveillance that suggest consumers are being exploited despite a significant drop in global crude oil prices.
The commission, in a statement issued on Sunday by its Director of Corporate Affairs, Ondaje Ijagwu, said a review of prevailing gantry and retail prices showed that local refiners, depot operators, marketers and filling station owners had implemented only token reductions in fuel prices, describing the adjustments as not commensurate with the steep decline in international crude oil prices.
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission was troubled by what he described as a one-sided response to crude oil price movements in the sector. "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," he said.
Bello warned that the commission would act where evidence supported it. "Market liberalisation does not diminish businesses' obligations to compete fairly or consumers' right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action," he said.
Global crude oil prices fell from $76.75 per barrel on Tuesday to $73.50 per barrel on Wednesday, 23 June 2026, their lowest level since the US-Iran conflict began earlier this year, following a peace agreement that eased fears of prolonged disruptions to supply through the Strait of Hormuz. Petrol, however, continues to retail above N1,200 per litre at filling stations across the country.
Dangote Refinery has reduced its ex-depot petrol price by N75 per litre, from N1,250 to N1,175, since crude prices began declining. The refinery had previously raised its gantry price from N774 to N874 per litre when crude surpassed $84 per barrel during the conflict period, a movement that pushed pump prices past N1,300 per litre across Lagos. Crude has since fallen below pre-conflict levels but gantry and pump prices have not followed proportionately.
The Petroleum Products Retail Outlets Owners Association of Nigeria has maintained that pricing in a deregulated market should be determined by the forces of demand and supply. PETROAN president Billy Gillis-Harry said the current framework should be allowed to operate without interference.
The FCCPC acknowledged that domestic fuel prices are shaped by factors beyond crude oil alone, including foreign exchange fluctuations, logistics costs, financing expenses, refining costs and distribution charges. It maintained, however, that competitive market forces should ordinarily produce more substantial price reductions under current conditions.
Bello clarified that the commission does not regulate or approve petroleum prices in a deregulated market, but said its mandate under the Federal Competition and Consumer Protection Act, 2018, covers the promotion of competitive markets and the prevention of anti-competitive conduct. He urged Nigerians to report suspected cases of price manipulation and anti-competitive behaviour through the commission's complaint channels