FCCPC and NMDPRA Collaborate to Combat Oil Price Fixing

The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, announced a collaborative agreement with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. This agreement aims to deepen institutional cooperation, enhance consumer protection, and strengthen confidence in the petroleum market.

Bello highlighted the strategic importance of the petroleum sector to Nigeria's economy, affecting various aspects of daily life, including transportation and food prices. He stated that the sector must operate efficiently and transparently to protect consumers and encourage investment.

The Petroleum Industry Act 2021 empowers NMDPRA to regulate licensing, technical standards, operational compliance, price setting, and supply oversight in the midstream and downstream petroleum sector. Bello warned that the FCCPC would investigate and take action against cartel behavior, price fixing, and other anti-competitive practices.

NMDPRA's Authority Chief Executive, Rabiu Umar, noted that the agreement establishes a robust cooperation framework to promote competitive markets and ensure transparency across Nigeria's energy value chain.