FCCPC warns of action if fuel savings are withheld

The Federal Competition and Consumer Protection Commission (FCCPC) says it is monitoring international crude prices and may take action against petrol refiners and marketers if evidence shows unfair or anticompetitive practices are preventing Nigerian consumers from benefiting from lower costs. The commission has not announced an investigation or sanctions against any company.

FCCPC chief executive Tunji Bello said the commission would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other government agencies to track wholesale and retail prices. Any action, he said, would be within the commission’s statutory mandate and conditional on evidence of improper conduct.

The commission said Brent crude futures had fallen from a September peak of $115 a barrel to below $90. It put current petrol prices at N1,405 to N1,420 per litre in Abuja and N1,325 to N1,370 in Lagos.

For comparison, the FCCPC cited February 27, the day before the United States, Israel and Iran war began. It said Brent futures closed at $72.48 a barrel that day, while petrol in Lagos and Abuja sold for between N839 and N925 per litre around that time.