FCCPC Sends Strong Warning to Petrol Marketers Over Alleged Consumer Exploitation
- The FCCPC has warned petrol marketers against keeping petrol prices high despite the recent drop in global crude oil prices
- The Commission said petrol prices have not fallen enough, even though crude oil prices have declined significantly
- The FCCPC vowed to investigate and sanction any marketer found engaging in price manipulation or anti-competitive practices
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned petroleum marketers against taking advantage of consumers, insisting that the current pump prices of Premium Motor Spirit (PMS), popularly known as petrol, should better reflect the recent decline in international crude oil prices.
In a statement released on Sunday, June 28, 2026 the Commission said its ongoing monitoring of Nigeria's downstream petroleum sector had revealed signs that consumers were not fully benefiting from the reduction in crude oil prices.
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According to the FCCPC, the price adjustments announced by refiners, depot operators and marketers in recent weeks have been too small compared with the significant drop in global crude oil prices.
Consumers should benefit from market competition
The FCCPC observed that crude oil prices have now returned to levels comparable to those recorded earlier in the year, yet retail petrol prices have remained considerably higher.
The Commission recalled that petrol sold for between ₦800 and ₦900 per litre before the spike in global oil prices. However, pump prices climbed to between ₦1,350 and ₦1,500 per litre during the period of heightened geopolitical uncertainty.
Although international crude prices have since fallen significantly, petrol is still selling for an average of about ₦1,200 per litre in many parts of the country, while some domestic refiners continue to quote ex-depot prices ranging from ₦1,025 to ₦1,075 per litre.
The agency acknowledged that several factors influence domestic fuel prices, including exchange rate movements, refining costs, transportation, financing and distribution expenses.
Nevertheless, it stressed that consumers should enjoy the benefits of lower crude oil prices through fair and competitive pricing in a deregulated market.
FCCPC threatens sanctions over unfair pricing practices
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said that although the Commission does not fix petrol prices under Nigeria's deregulated downstream petroleum sector, it has a legal responsibility to prevent exploitative and anti-competitive practices that harm consumers.
Bello questioned why marketers are often quick to increase pump prices whenever international crude oil prices rise but are reluctant to reduce prices when global market conditions improve.
He maintained that deregulation does not give businesses the freedom to exploit consumers or engage in conduct that distorts competition.
According to him, the Commission will investigate any credible complaints of price manipulation, anti-competitive behaviour or other violations of the Federal Competition and Consumer Protection Act and will not hesitate to impose appropriate sanctions where necessary.
He also encouraged Nigerians to continue reporting suspected cases of unfair pricing, market manipulation and other anti-consumer practices through the FCCPC's official complaint channels.
The warning comes amid growing public concern over the pace of petrol price reductions, despite a series of recent price cuts announced by some refiners and marketers following the decline in global crude oil prices.
FG orders marketers to reduce fuel cost
Meanwhile, Legit.ng earlier reported that the FG has urged petroleum marketers to reduce petrol prices in line with the recent decline in global crude oil prices.
The minister of state for Petroleum said the government cannot fix fuel prices because the downstream petroleum sector is fully deregulated.
He added that the NMDPRA will continue to monitor the market to prevent unfair pricing while insisting that deregulation has improved fuel supply.
Source: Legit.ng
