FCCPC Alarms Over Minimal Petrol Price Cuts Despite Global Crude Drop

The Federal Competition and Consumer Protection Commission (FCCPC) says consumers are not benefiting equally from falling crude prices. A recent review found that local refiners, marketers and retailers have only made token price reductions at the pump, even after crude tumbled from $120 to $73 per barrel. FCCPC Executive Vice Chairman Tunji Bello noted that while dealers quickly hike prices when crude rises, they are slow to pass on savings. Though downstream prices depend on factors like refining costs, forex rates and logistics, the Commission expects competitive markets to work fairly in both directions. The FCCPC warns it will investigate any anti-competitive or exploitative conduct under the Federal Competition and Consumer Protection Act. Consumers are urged to report misleading pricing or other unfair practices through the Commission’s complaint channels.

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