The Federal Competition and Consumer Protection Commission (FCCPC) issued a warning to Nigerian oil refiners and marketers, urging them to lower petrol and diesel prices. According to Punch, the agency stated that consumers should see reductions in pump prices as international crude oil costs decline. The commission said it is tracking global oil market shifts to ensure that cheaper production inputs translate into lower retail prices at filling stations. This move followed public inquiries about the sustained high cost of fuel, prompting the agency to issue a formal statement on Tuesday.
Tunji Bello, the FCCPC’s chief executive, highlighted that Brent crude futures have dropped from a September high of $115 to under $90 this week. Nairametrics reported that despite this global decline, local petrol prices remain elevated, ranging from N1,405 to N1,420 per litre in Abuja and N1,325 to N1,370 in Lagos. Bello compared these figures to February 27, when Brent crude closed at $72.48, just before a conflict involving the US, Israel, and Iran began. At that time, fuel sold for N839 to N925 per litre in major cities, according to the commission’s data.
Marketers have often linked the recent eight-month price surge to volatility from the Middle East conflict and the closure of the Strait of Hormuz. However, Bello argued that continued global drops should force refiners to adjust their pricing. He stated that savings from lower crude costs should reach consumers quickly, rather than being retained by sellers. The FCCPC chief emphasized that if the downward trend in crude persists, high domestic fuel prices lose their justification.
The agency acknowledged the strain high fuel costs place on households and businesses. Punch noted that the FCCPC plans to collaborate with the Nigerian Midstream and Downstream Petroleum Regulatory Authority to monitor wholesale and retail pricing. Bello added that the commission will investigate any market behaviors that block consumers from accessing lower costs, taking action within its regulatory powers. Nairametrics also mentioned that marketers expect fuel prices to fall, potentially influencing vehicle owners who have switched to compressed natural gas.