FCCPC warns petrol retailers to pass on crude price drop or face sanctions
The Federal Competition and Consumer Protection Commission (FCCPC) warned downstream petroleum operators on Sunday not to exploit consumers after global crude oil prices fell sharply to about $73 per barrel following the US-Iran ceasefire and Strait of Hormuz reopening, down from an April peak of $120. Despite crude prices returning to February levels, petrol pumps nationwide still average N1,200 per litre—well above the N800-900 range seen in February—and some local refiners keep gantry prices between N1,025 and N1,075 per litre. Earlier petrol prices had spiked to N1,350-1,500/litre and diesel to about N2,000/litre during the April-May tensions. The FCCPC stressed it does not regulate prices in the deregulated market but will investigate and sanction any anti-competitive, deceptive, or exploitative practices under the Federal Competition and Consumer Protection Act, 2018. Executive Vice Chairman Tunji Bello urged consumers to report suspected overcharging or unfair market behaviour through the commission’s complaint channels, assuring every credible complaint will be investigated. While acknowledging that refining costs, forex, logistics, and other factors influence pump prices, Bello said competitive market forces should pass lower input costs to consumers more quickly. Will you wait for prices to fall further, consider alternative transport options, or report suspected overcharging to the FCCPC via its official complaint channels?