The Federal Competition and Consumer Protection Commission (FCCPC) is concerned about the current petrol price at filling stations across Nigeria.
In a statement on Sunday, the FCCPC noted that marketers quickly raised prices after global crude oil prices went up.
The FCCPC pointed out that petrol prices rose from around ₦800–₦900 to ₦1,350-₦1,500 per litre, while diesel reached as high as ₦2,000 as tensions in the Gulf increased between April and May.
However, the report noted that although global conditions have improved, petrol is still selling for about ₦1,200 across the country. Some local refiners are setting gantry prices between ₦1,025 and ₦1,075, even as tensions in the Middle East ease.
The FCCPC warned that it will not let marketers charge unfair prices. Their review of gantry prices from local refiners, marketers, depot operators, and retail outlets showed only small reductions, which do not match the sharp drop in global crude oil prices.
FCCPC Executive Vice Chairman and CEO, Tunji Bello, in a statement signed by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, questioned why consumers are still waiting to see the benefits of the Strait of Hormuz reopening and the resulting drop in global crude oil prices.
The FCCPC recognises that many factors affect local fuel prices, such as refining costs, exchange rates, logistics, financing, and distribution. Still, the Commission expects that competition in the market will help make sure any cost savings reach consumers quickly.
“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action,” Bello said.
He urged consumers to continue reporting suspected anti-competitive conduct, misleading pricing practices, and other forms of unfair market behaviour through the Commission’s established complaint channels.
