FCCPC Warns Dangote, Petrol Marketers as New Fuel Prices Emerge in Lagos, Abuja
- FCCPC warns refiners and marketers against keeping petrol and diesel prices high as global crude prices fall
- Petrol sells for ₦1,325–₦1,420 per litre in Lagos and Abuja, despite Brent crude dropping below $90 per barrel
- FCCPC says it will work with regulators and act against unfair pricing that stops consumers benefiting from lower costs
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a fresh warning to petroleum refiners and marketers over high petrol and diesel prices despite declining crude oil prices in the international market.
The warning comes as Nigerians continue to pay between ₦1,325 and ₦1,420 per litre for petrol, raising concerns about why falling global oil prices have yet to translate into significant relief at filling stations.
Source: Getty Images
The Commission's Executive Vice Chairman and Chief Executive Officer, Tunji Bello, issued the warning on Tuesday, November 10, 2026, following growing public concerns over domestic fuel prices.
Bello said the FCCPC was closely monitoring developments in the international oil market to ensure that consumers benefit from sustained reductions in crude oil prices.
Marketers unveil petrol prices in Lagos, Abuja
Latest market reports indicate that petrol currently sells for between ₦1,405 and ₦1,420 per litre in Abuja, while motorists in Lagos pay between ₦1,325 and ₦1,370 per litre, depending on the filling station.
The prices remain a significant burden for households, transport operators and businesses already struggling with rising living and operating costs.
Meanwhile, Brent crude futures have reportedly declined from about $115 per barrel in September to below $90 this week, raising expectations of cheaper petrol and diesel.
The FCCPC recalled that Brent crude closed at $72.48 per barrel on February 27, before the outbreak of the conflict involving the United States, Israel and Iran.
At the time, petrol reportedly sold for between ₦839 and ₦925 per litre in Lagos and Abuja.
FCCPC demands cheaper petrol from marketers
Bello warned that refiners and petroleum marketers must not exploit consumers by maintaining elevated prices when underlying supply costs are declining.
He said:
"If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high."
The FCCPC chief stressed that lower international crude prices should eventually reduce wholesale fuel costs, with the benefits passed on to consumers without unnecessary delays.
His warning comes amid renewed expectations that Dangote Petroleum Refinery and other suppliers could review their prices as global market conditions improve.
However, the Commission did not announce any new petrol price adjustment by Dangote Refinery.
Why petrol prices remain high in Nigeria
Petroleum marketers have repeatedly attributed recent fuel price increases to volatility in international crude markets, particularly following the conflict involving the United States, Israel and Iran.
Disruptions around the Strait of Hormuz, a major global oil transportation route, also heightened supply concerns and pushed energy prices higher.
However, the recent decline in crude prices has renewed questions about how quickly refiners and marketers adjust domestic prices when international costs fall.
Beyond crude prices, exchange rates, transportation expenses and distribution costs also influence petrol prices in Nigeria.\
Source: Getty Images
FCCPC threatens action against unfair fuel pricing
Bello assured Nigerians that the Commission would collaborate with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant agencies to monitor petroleum pricing.
He warned that the FCCPC would take appropriate action where evidence of anti-competitive conduct or unfair market practices prevents consumers from benefiting from lower costs.
For millions of Nigerians, the immediate concern remains whether the decline in global crude prices will finally bring meaningful relief at filling stations.
Marketers crash petrol prices across Nigeria
Legit.ng earlier reported that Nigeria’s downstream petroleum market recorded contrasting price movements last week as marketers reduced petrol prices across major depots while diesel prices surged by as much as ₦110 per litre.
The adjustments occurred between Monday, October 19, and Friday, October 23, 2026, as Brent crude climbed above $116 per barrel amid renewed tensions between the United States and Iran.
Source: Legit.ng
