FCCPC and NMDPRA Sign Agreement for Petroleum Sector

The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) signed an agreement on Thursday in Abuja to promote transparency, competition, and consumer protection in Nigeria’s petroleum sector. Tunji Bello, Executive Vice Chairman of the FCCPC, stated that the partnership would facilitate information sharing, improve market intelligence, and coordinate enforcement efforts.

He emphasized that effective regulation requires cooperation between government agencies and that the agreement aims to bolster confidence in the petroleum sector. Bello clarified that the FCCPC does not regulate or approve petroleum prices in the deregulated downstream market, focusing instead on ensuring fair competition and consumer choice.

Rabiu Umar, Chief Executive of NMDPRA, noted that the agreement aligns with the Petroleum Industry Act 2021 and the Federal Competition and Consumer Protection Act 2018, emphasizing the importance of monitoring compliance with relevant laws across the energy value chain.