FCCPC Investigates Fuel Pricing Amid Consumer Concerns

The Federal Competition and Consumer Protection Commission (FCCPC) is probing fuel pricing in Nigeria amid concerns of consumer exploitation. Tunji Bello, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, stated that although the commission does not regulate fuel prices in a deregulated market, it is responsible for ensuring fair competition and consumer protection.

Despite a significant decline in global crude oil prices from a peak of $120 per barrel in April to $73 per barrel, domestic pump prices have not reflected this decrease. The FCCPC noted that while crude prices have returned to February levels, local prices remain high, with petrol averaging between N800 and N900 per liter, and current retail prices hovering around N1,200 per liter.

The commission acknowledged that various factors influence domestic fuel prices, including refining costs and logistics. It urged Nigerians to report any suspected anti-competitive practices to help establish a fair market.