FCCPC Questions Slow Petrol Price Reductions in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns regarding the slow pace of petrol price reductions across Nigeria, despite a sharp decline in international crude oil prices. The agency's Director of Corporate Affairs, Ondaj Ijagwu, indicated that ongoing monitoring shows that fuel prices at filling stations have only minimally adjusted, failing to reflect the significant drop in global crude oil prices, which have fallen to $73 per barrel from a record $120 per barrel in April.

FCCPC's Executive Vice Chairman and Chief Executive Officer, Tunji Bello, noted that while the agency does not regulate petroleum prices, it aims to promote competitive markets and protect consumers from unfair practices. The commission will investigate any suspected price manipulation or anti-competitive conduct and has established a complaint channel for consumers.

The current average petrol price in Nigeria is reported at 1,200 Naira per liter, while local refiners offer prices between 1,025 and 1,075 Naira per liter.