FCCPC Warns Fuel Marketers Against Price Exploitation

The Federal Competition and Consumer Protection Commission (FCCPC) issued a warning to fuel marketers in Nigeria, cautioning them against profiteering and threatening sanctions for any operators found to be exploiting consumers. This warning comes in light of a recent decline in global crude oil prices, which the commission noted has not translated into significant benefits for consumers at the local level.

The FCCPC expressed concern over ongoing surveillance of the downstream petroleum market, indicating that the reduction in margins at retail outlets does not reflect the sharp decline in international crude oil prices. The statement, issued on a Sunday, was signed by Ondaj Ijagwu, the Director of Corporate Affairs, and emphasized that while the market is deregulated, businesses must comply with competition laws to ensure fair treatment of consumers.

The FCCPC highlighted that crude oil prices have fallen to $73 per barrel, yet local prices for petrol and diesel remain high, with petrol sold at N1,200 per liter and diesel at N2,000 per liter during peak periods.