FCCPC Reports High Petrol Prices Amid Crude Oil Decline

The Federal Competition and Consumer Protection Commission (FCCPC) stated that petrol prices in Nigeria remain elevated despite a notable drop in global crude oil prices. Mr. Tunji Bello, the Vice Chairman and Chief Executive Officer of the FCCPC, clarified that the commission does not regulate or approve petroleum prices in Nigeria's deregulated downstream sector.

He expressed concerns over the swift increase in pump prices when global crude prices rise, while consumers do not benefit from corresponding reductions when prices fall. The FCCPC noted that local refiners have reduced their gantry prices to between N1,025 and N1,075 per liter, but petrol is still sold at an average of N1,200 per liter across the country.

The commission will investigate any anti-competitive conduct that undermines market competition and consumer rights, as stipulated in the Federal Competition and Consumer Protection Act of 2018.