FCCPC Investigates Fuel Pricing Amid Falling Oil Costs

The Federal Competition and Consumer Protection Commission (FCCPC) is probing the downstream petroleum sector in Nigeria due to concerns over exploitative fuel pricing despite a significant decline in global crude oil prices. FCCPC's Director of Corporate Affairs, Ondaj Ijagwu, stated that ongoing market surveillance indicates that local fuel prices have not adequately reflected the sharp drop in international crude prices.

The commission's Executive Vice Chairman and Chief Executive Officer, Tunji Bello, expressed concern that while prices increase swiftly with rising crude costs, the benefits of falling prices are not passed on to consumers. Currently, petrol prices range from N1,200 per liter across the country, while local refinery prices are between N1,025 and N1,075 per liter.

The FCCPC acknowledged that various commercial factors influence domestic fuel pricing, including foreign exchange fluctuations and logistics costs. The commission will investigate and take appropriate enforcement actions against any anti-competitive conduct that undermines consumer rights as per the Federal Competition and Consumer Protection Act of 2018.