FCCPC Slams Petrol Marketers for Not Passing Crude Price Drop to Consumers

The Federal Competition and Consumer Protection Commission has raised the alarm that petrol marketers are unfairly keeping prices high despite the recent fall in global crude rates. A review of gantry and retail figures shows pump prices averaging ₦1,200 per litre, even though local refiners’ wholesale rates sit between ₦1,025 and ₦1,075. The commission recalls that prices spiked to as much as ₦1,500 when crude surged earlier this year. FCCPC’s Executive Vice Chairman Tunji Bello warned that downstream operators move quickly to hike prices when crude climbs but are slow to share benefits when it drops. He stressed that while the commission doesn’t set fuel prices, it will clamp down on exploitative practices under the 2018 Competition and Consumer Protection Act.

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