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FCCPC

The Federal Competition and Consumer Protection Commission FCCPC has urged oil refiners and petroleum marketers in Nigeria to reflect declining international crude oil prices in domestic petrol and diesel prices, warning against delays that could disadvantage consumers.

The commission said Nigerians should benefit from favourable developments in the global oil market, particularly as crude prices have fallen significantly from their September peak.

The Executive Vice Chairman of the FCCPC, Tunji Bello, disclosed the commission’s position on Tuesday, November 10, following public enquiries and concerns over the continued high cost of petroleum products across the country.

According to the commission, international Brent crude futures, which reached approximately $115 per barrel in September, had fallen below $90 per barrel by the time of its announcement.

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Bello said the commission was monitoring developments in the international market and domestic petroleum pricing to ensure that reductions in input costs were appropriately reflected at filling stations.

The commission noted that petrol was selling for between N1,405 and N1,420 per litre in Abuja, while prices in Lagos ranged from N1,325 to N1,370 per litre.

It said the disparity between movements in international crude prices and domestic pump prices had generated public concerns, particularly among motorists, businesses and households already facing rising transportation and operating expenses.

The FCCPC’s intervention comes amid continuing pressure on Nigerian consumers following the removal of petrol subsidies and the transition towards market-driven petroleum pricing.

The commission is expected to monitor competition and pricing practices across the downstream petroleum market to identify conduct that could undermine consumer welfare.

However, changes in crude oil prices do not automatically translate into immediate reductions in retail fuel prices.

Other factors, including exchange rates, refining costs, transportation, distribution expenses, taxes and the timing of crude purchases, also influence the final price of petroleum products.

The commission’s position nevertheless reinforces the expectation that market participants should ensure that genuine reductions in their operating and procurement costs are passed on to consumers.

Lower petrol prices could provide some relief to households and businesses, particularly transport operators and manufacturers whose activities depend heavily on petroleum products.

The FCCPC said it would continue monitoring developments in the international oil market and domestic filling stations to protect consumers and promote fair competition.

Its intervention places renewed attention on the relationship between global crude oil movements and the prices Nigerians pay for refined petroleum products.

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Amarachi Ihesiulo

Ihesiulo Grace Amarachi is a Nigerian journalist, writer and media professional serving as the Editor-in-Chief of TheTraffic.NG, a digital news platform covering national and international affairs. Her editorial interests span politics, business, aviation, health, technology, entertainment, sports and social development. She is committed to credible journalism, insightful reporting and compelling storytelling that informs public discourse and keeps readers abreast of important developments in Nigeria, Africa and beyond.

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