FCCPC raises alarm over slow fuel price reductions in Nigeria
The Federal Competition and Consumer Protection Commission has voiced concerns about possible consumer exploitation in Nigeria’s downstream petroleum sector. Despite a sharp drop in global crude oil prices, local fuel prices have only seen marginal reductions. Tunji Bello, the FCCPC’s Executive Vice Chairman, highlighted that operators are quick to raise prices when crude oil rises but slow to lower them when prices fall. The commission is urging Nigerians to report suspected cases of anti-competitive conduct and price manipulation.
TLDR
- The FCCPC says local refiners, depot operators, and marketers have not significantly reduced fuel prices despite a steep decline in global crude oil prices.
- Tunji Bello stated that the commission does not regulate petroleum prices but is tasked with promoting competition and protecting consumers.
- Petrol prices remain high, averaging about N1,200 per litre, even though crude oil prices have dropped.
- The commission warns that it will investigate and take action if there is evidence of anti-competitive conduct or consumer exploitation.
- Nigerians are encouraged to report unfair market practices to the FCCPC.
