Nigeria watchdog warns petrol marketers over price cuts

Nigeria's consumer protection watchdog has warned petrol marketers against unfair pricing, citing concerns that consumers are not seeing the full benefits of a recent sharp drop in global crude oil prices. The Federal Competition and Consumer Protection Commission issued the warning on Sunday, June 28, 2026, following an ongoing market surveillance.

The commission stated that a review of prevailing gantry and retail prices suggests only token reductions that are not commensurate with the steep fall in international crude prices. While petrol is currently sold at a nationwide average of about N1,200 per litre, with some local refiners setting gantry prices between N1,025 and N1,075, the FCCPC argues this remains high compared to pre-crisis levels.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, expressed concern over what he described as a one-sided market response. He noted that operators in the downstream sector often move swiftly to raise pump prices when crude oil costs increase but appear reluctant to pass on savings when prices fall. "We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices...