FCCPC Raises Alarm Over High Petrol Prices in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has expressed alarm regarding the persistent high petrol prices in Nigeria, despite a notable decrease in global crude oil prices. Ondaj Ijagwu, the FCCPC's Director of Corporate Affairs, stated that ongoing market surveillance indicates that local refiners and depot operators have not adequately reduced fuel prices in line with the significant fall in international crude oil prices.

The commission's review shows that petrol continues to sell at an average of 1,200 Naira per liter nationwide, while local refinery prices range from 1,025 to 1,075 Naira per liter. Tunji Bello, the FCCPC's Executive Vice Chairman and Chief Executive Officer, emphasized that while the market is deregulated, businesses are still obligated to comply with competition laws to prevent unfair practices.

The FCCPC will investigate potential anti-competitive behavior and price manipulation in the market, urging consumers to report any suspicious activities.