FCCPC Warns Fuel Marketers Over High Petrol Prices

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to fuel marketers regarding the high prices of petrol in Nigeria, stating that it will not hesitate to impose sanctions on operators found engaging in unfair market practices. The commission expressed concern over the continued high cost of Premium Motor Spirit (PMS), commonly known as petrol, despite recent adjustments in global crude oil prices and local supply conditions.

Petrol prices have surged sharply in recent months, with prices ranging from ₦1,350 to ₦1,500 per liter in various parts of the country, while diesel prices have approached ₦2,000 per liter. The FCCPC noted that the average selling price of petrol currently stands at ₦1,200 per liter nationwide.

The commission observed that local refiners have fixed gantry prices between ₦1,025 and ₦1,075 per liter, which typically allows for competitive retail pricing. Mr. Bello, representing the FCCPC, emphasized that while fuel prices are influenced by several factors, businesses must comply with competition and consumer protection laws.

The FCCPC will investigate any evidence of anti-competitive behavior, including price fixing and collusion, and urged consumers to report suspicious pricing patterns.