FG to Investigate Petrol Pricing Amid Price Hikes

The Federal Government of Nigeria is moving to tighten oversight of petrol pricing after filling stations across the country raised pump prices in response to a price adjustment by Dangote Petroleum Refinery. The refinery increased its Premium Motor Spirit ex-gantry price by N85, or approximately 6.7%, due to rising international crude oil prices.

Consequently, motorists are now paying between N1,395 and N1,460 per litre in various regions. To address market conduct concerns, the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) signed a Memorandum of Understanding in Abuja.

This agreement aims to enhance market surveillance, information sharing, and joint enforcement within the petroleum sector. FCCPC Executive Vice Chairman Tunji Bello stated that while the commission does not set pump prices in a deregulated market, it can act against conduct that breaches competition rules or harms consumers.

The agreement will also focus on collusive pricing and anti-competitive practices.