The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned petroleum marketers, refiners, depot operators, and retail outlets against taking advantage of Nigerian consumers by keeping fuel prices unnecessarily high despite the recent decline in global crude oil prices.
In a statement issued by the Commission, the Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said findings from the FCCPC’s ongoing monitoring of the downstream petroleum sector suggest that reductions in pump prices have been minimal and do not reflect the significant drop in international crude oil prices.
Bello explained that although Nigeria’s downstream petroleum sector operates under a deregulated pricing system, businesses are still required to comply with the Federal Competition and Consumer Protection Act, which prohibits exploitative pricing, anti-competitive practices, and unfair treatment of consumers. He stressed that market liberalisation does not give operators the freedom to exploit customers.
The FCCPC noted that while marketers often raise petrol prices quickly whenever global crude oil prices increase, consumers rarely enjoy similar speed when international prices decline. The Commission described this pattern as unfair and warned that companies found engaging in price manipulation or other anti-competitive conduct could face investigations and regulatory sanctions.
Although the Commission acknowledged that factors such as exchange rates, refining costs, transportation, financing, and distribution expenses also influence domestic fuel prices, it maintained that the sharp drop in global crude oil prices should have resulted in more noticeable relief for consumers at filling stations. The FCCPC also encouraged Nigerians to report suspected cases of unfair pricing and anti-competitive behaviour through its official complaint channels.
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FCCPC Warns Petrol Marketers Against Exploiting Nigerians Despite Global Oil Price Drop
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The FCCPC has warned petroleum marketers against exploiting consumers by keeping fuel prices high despite falling global crude oil prices, saying violators risk regulatory sanctions.
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Pidgin:
FCCPC don warn petrol marketers, depot owners and refiners make dem stop to dey exploit Nigerians. The commission say global crude oil price don fall, so fuel price suppose reduce too. FCCPC talk say if any company continue with unfair pricing or price manipulation, dem fit face investigation and punishment.
