The Federal Competition and Consumer Protection Commission (FCCPC) has raised serious concerns over the continued high cost of petrol across Nigeria, warning marketers against exploiting consumers despite the recent decline in global crude oil prices.
In a statement issued on Sunday by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, the FCCPC revealed that its ongoing surveillance of the downstream petroleum sector shows that Nigerians are yet to enjoy the expected reduction in fuel prices.
According to the Commission, marketers were quick to increase pump prices when global crude oil prices surged during the Gulf hostilities between April and May. At the peak of the crisis, petrol sold for between ₦1,350 and ₦1,500 per litre, while diesel climbed to nearly ₦2,000 per litre.
However, despite the sharp decline in crude oil prices on the international market, petrol is still being sold at an average of ₦1,200 per litre nationwide. This is even as some local refiners have reduced their gantry prices to between ₦1,025 and ₦1,075 per litre.
The FCCPC described the situation as unfair and questioned why the benefits of lower crude oil prices are not being passed on to ordinary Nigerians.
“A review of the gantry prices of local refiners, marketers, depot operators and retail outlet operators revealed token reductions in prices that are not commensurate with the steep fall in crude prices in the global market,” the Commission stated.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, stressed that although the Commission does not regulate fuel prices in Nigeria’s deregulated market, it has the responsibility to protect consumers from exploitative business practices.
“We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions,” Bello said.
The development has once again sparked public outrage, with many Nigerians asking a familiar question: Why are petrol marketers so quick to increase prices, yet so slow to reduce them when market conditions improve?
For millions already battling inflation and the rising cost of living, the FCCPC’s warning highlights growing concerns that consumers may be paying more than necessary despite improvements in global oil prices.
