FCCPC Warns Oil Marketers Against Price Exploitation

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to oil marketers in Nigeria regarding exploitative practices in the downstream petroleum sector, despite a global decline in crude oil prices. The commission's Director of Corporate Affairs, Ondaj Ijagwu, noted that consumers are not fully benefiting from the decrease in global oil prices due to inadequate price reductions at local retail outlets.

FCCPC's Executive Vice Chairman and Chief Executive Officer, Tunji Bello, expressed concern that while crude oil prices have fallen to approximately $73 per barrel from a peak of $120 per barrel in April, local fuel prices have not correspondingly decreased. The commission has observed that petrol prices have remained high, with averages around N1,200 per liter, despite local refiners reducing ex-depot prices to between N1,025 and N1,075 per liter.

The FCCPC emphasized its commitment to investigating any anti-competitive conduct and urged consumers to report suspicious pricing practices.