FCCPC Warns Marketers Against Consumer Exploitation Amid Oil Price Drop

Mr. Tunji Bello, the Executive Vice Chairman and Chief Executive of the Federal Competition and Consumer Protection Commission (FCCPC), issued a warning to downstream petroleum marketers against exploiting consumers following a significant drop in global crude oil prices.

The FCCPC noted that while the market is deregulated and does not approve petroleum prices, it will investigate and sanction any operators engaging in anti-competitive or deceptive practices that violate the Federal Competition and Consumer Protection Act (FCCPA) of 2018. The commission observed that despite a sharp decline in crude oil prices to $73 per barrel, retail fuel prices have not decreased correspondingly, with petrol selling at an average of N1,200 per liter nationwide.

Local refiners have fixed their gantry prices between N1,025 and N1,075 per liter. Bello emphasized that businesses must compete fairly and respect consumer rights, urging consumers to report any suspected anti-competitive conduct.