Federal Competition and Consumer Protection Commission, FCCPC, has expressed concern over the slow pace of reductions in petrol prices, despite the sharp decline in global crude oil prices. The Commission says consumers are yet to fully benefit from the improved market conditions.
In a statement, the FCCPC said its ongoing monitoring of the downstream petroleum sector found that local refiners, depot operators, marketers and retail outlets have made only slight adjustments to fuel prices, despite the significant fall in crude oil prices.
The Commission noted that crude oil prices have dropped to around $73 per barrel, from a high of about $120 in April, following the ceasefire between the United States and Iran and the reopening of the Strait of Hormuz.
It observed that while fuel prices rose rapidly across Nigeria when crude prices surged earlier this year, the reverse has not happened, with petrol still selling for an average of about N1,200 per litre in many parts of the country.
Executive Vice Chairman and Chief Executive Officer of FCCPC, Tunji Bello, said although the Commission does not fix fuel prices in a deregulated market, it is empowered by law to ensure businesses operate fairly and consumers are protected from exploitative practices.
Bello said market forces should work in both directions, allowing consumers to benefit from lower operating costs just as quickly as they bear the impact of rising costs.
He warned that the Commission would investigate any credible evidence of anti-competitive conduct or consumer exploitation and take appropriate enforcement action where necessary.
The FCCPC also encouraged Nigerians to report suspected price manipulation, unfair market practices and other consumer rights violations through its official complaint channels.
(Editor: Terverr Tyav)
