The Federal Competition and Consumer Protection Commission has expressed concern over slow and insufficient reductions in petroleum prices despite significant drops in global crude oil costs
The Federal Competition and Consumer Protection Commission has voiced concern over findings from its ongoing surveillance of the downstream petroleum market, suggesting undue exploitation of consumers through inadequate price adjustments.
In a statement on Sunday 28 June 2026, the commission noted that a review of gantry prices by local refiners, marketers, depot operators and retail outlet operators revealed only token reductions that were not commensurate with the steep fall in crude prices in the global market.
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr Tunji Bello, clarified that the commission does not regulate or approve petroleum prices in a deregulated market.
“Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive, and exploitative business practices,” he stated.
Bello highlighted the disparity in market responses, noting that dealers often respond swiftly by hiking pump prices when crude prices rise, but reductions are slower when crude prices fall. “Competitive markets must work fairly in both directions,” he added.
Following a ceasefire accord between the United States and Iran two weeks ago and the reopening of the Straits of Hormuz, crude prices have fallen to $73 per barrel, a sharp drop from the peak of $120 per barrel in April.
Local petrol prices remain around N1,200 per litre on average, with some gantry prices fixed between N1,025 and N1,075, despite earlier increases to between N1,350 and N1,500 when global prices spiked.
While acknowledging that domestic prices are influenced by various factors including refining costs, foreign exchange movements, logistics and distribution expenses, the commission expects competitive market dynamics to transmit cost efficiencies to consumers more effectively.
Bello warned that where credible evidence indicates conduct undermining competition or exploiting consumers, the commission would investigate and take appropriate enforcement action.
He encouraged consumers to report suspected anti-competitive practices through the commission’s established channels.
This FCCPC petroleum prices intervention comes as Nigerians continue to face high living costs, with fuel prices remaining a significant component of household and business expenses.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
