FCCPC Questions Slow Fuel Price Cuts Amid Oil Price Drop

The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern regarding the slow pace of fuel price reductions in Nigeria, despite a sharp decline in global crude oil prices. FCCPC's Director of Corporate Affairs, Ondaj Ijagwu, stated that ongoing market surveillance reveals that local fuel prices have not significantly decreased, with petrol prices remaining high at an average of N1,200 per liter, while crude oil prices have fallen to around $73 per barrel.

The commission's Executive Vice Chairman and Chief Executive Officer, Tunji Bello, noted that while the market is liberalized, businesses are still obligated to treat consumers fairly and avoid anti-competitive practices. The FCCPC will investigate any evidence of price manipulation or unfair market practices that undermine competition.

The commission urges Nigerians to report suspected cases of anti-competitive conduct, emphasizing the need for fair treatment of consumers in the downstream petroleum sector.