FCCPC Monitors Petrol Prices Amid Middle East Tensions

The Federal Competition and Consumer Protection Commission (FCCPC), under the leadership of Executive Vice Chairman Tunji Bello, has initiated monitoring of petrol and commodity prices across Nigeria in response to escalating tensions in the Middle East, particularly the conflict involving Israel and Iran. Bello disclosed this during a briefing at the Presidential Villa in Aso Rock, Abuja.

The commission aims to implement temporary measures to prevent external factors from undermining the economic gains achieved by the federal government over the past two years. The FCCPC has already deployed teams nationwide to track price movements and ensure compliance among fuel suppliers and petrol stations, preventing exploitation of consumers.

Additionally, the commission has resolved approximately 9,000 complaints, recovering N10 billion for consumers from March to August 2025. Complaints primarily stem from the energy and fintech sectors, with significant issues reported in the aviation sector regarding price fixing during the Christmas period, where ticket prices surged from N45,000 to as high as N670,000.