FCCPC Raises Alarm Over Consumer Exploitation in Oil Market

The Federal Competition and Consumer Protection Commission (FCCPC) expressed concern regarding potential exploitation of consumers in the downstream petroleum market in a statement issued on Sunday in Abuja. The commission's ongoing surveillance revealed that despite a significant decline in global crude prices, local retail prices at depots and outlets have not correspondingly decreased.

Mr. Tunji Bello, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, stated that the commission does not regulate or approve petroleum prices due to the deregulated nature of the downstream market, as outlined in the Federal Competition and Consumer Protection Act of 2018. The FCCPC aims to promote competitive markets and prevent anti-competitive conduct to protect consumers from unfair and deceptive business practices.

The commission noted that dealers often respond quickly to increase pump prices when crude prices rise but fail to pass on the benefits of falling crude prices to consumers.