The Federal Competition and Consumer Protection Commission (FCCPC) has warned fuel refiners and marketers against keeping petrol and diesel prices high despite the recent decline in global crude oil prices.
The commission said it was monitoring developments in the international oil market to ensure Nigerians benefit from lower production and supply costs at filling stations.
Its Executive Vice Chairman, Tunji Bello, gave the assurance on Tuesday following public concerns over the failure of domestic fuel prices to fall in line with global crude oil prices.
According to the commission, Brent crude futures, which rose to about $115 per barrel in September, have fallen to below $90 this week.
However, petrol currently sells for between ₦1,405 and ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370 in Lagos.
Bello said, “If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high.”
He added, “We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay.”
The FCCPC acknowledged that high fuel prices had placed financial pressure on Nigerians but said it would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other agencies to monitor prices.
Bello warned that the commission would take action where businesses engage in anti-competitive practices or prevent consumers from benefiting from lower costs.
“Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” he said.
The commission, however, clarified that it does not regulate or approve petrol prices in Nigeria's deregulated downstream petroleum market.
The development comes amid renewed expectations that falling international oil prices could provide relief for Nigerian motorists and businesses after months of high fuel costs.
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