The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers, depot operators and refiners against exploiting Nigerian consumers by failing to reduce petrol prices in line with the sharp decline in global crude oil prices.
The Commission said its ongoing surveillance of the downstream petroleum sector revealed that recent reductions in gantry and retail prices have been marginal and do not reflect the significant drop in international crude oil prices.
In a statement issued by its Director of Corporate Affairs, Ondaje Ijagwu, the FCCPC noted that while marketers were quick to increase pump prices when crude oil prices surged during heightened tensions in the Middle East, consumers have yet to enjoy comparable relief now that global oil prices have fallen.
The Executive Vice Chairman and Chief Executive Officer of the Commission, Tunji Bello, said businesses operating in Nigeria’s deregulated petroleum market must ensure that price adjustments are fair, transparent and consistent with prevailing market realities.
According to the Commission, although it does not regulate or fix petrol prices, it has the statutory responsibility to prevent exploitative pricing, anti-competitive conduct and other practices that undermine consumer welfare.
The FCCPC warned that any operator found engaging in price manipulation, deceptive pricing or unfair market practices would face investigation and sanctions under the Federal Competition and Consumer Protection Act (FCCPA), 2018.
The Commission stressed that Nigerian consumers deserve to benefit from the easing of global crude oil prices just as they bore the burden of higher pump prices when international oil prices climbed.
It added that market surveillance across the downstream petroleum value chain would continue to ensure compliance with competition and consumer protection laws, urging industry players to adopt responsible pricing that reflects current economic realities and promotes consumer confidence.
