FCCPC says no justification for high fuel prices as crude drops below $90
The Federal Competition and Consumer Protection Commission (FCCPC) says current petrol prices of ₦1,325–1,420 per litre lack justification with Brent crude now below $90, down from a September peak of $115. CEO Tunji Bello stated Tuesday that the Commission is monitoring the sustained decline and expects wholesale savings to reach consumers at the pump without delay.
Before the US-Iran conflict in late February, Brent traded at $72.48 and petrol sold for ₦839–925 in Lagos and Abuja. Despite crude returning to pre-conflict levels by June, pump prices have remained above ₦1,000 nationwide. Marketers cite Strait of Hormuz disruption affecting 25% of global oil traffic, but FCCPC says that rationale no longer holds.
The Commission will collaborate with the Nigerian Midstream and Downstream Petroleum Regulatory Authority to track wholesale and retail pricing. Where anti-competitive conduct prevents price reductions, FCCPC says it will take enforcement action within its mandate.
Nairametrics reports some marketers now project price drops significant enough to pull CNG converts back to petrol. Pre-crisis prices were ₦800–900 per litre—levels many Nigerians expect to return.
With FCCPC promising regulatory pressure, will marketers voluntarily lower prices or force the Commission to act?