‘We Are Concerned’ – FCCPC Threatens To Sanction Marketers As Petrol Sells For ₦1,200 In Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concerns about the current price of petrol in filling stations across Nigeria.

Naija News reports that the FCCPC, in a statement on Sunday, observed that marketers were quick to increase prices following the earlier spike in global crude oil prices.

It recalled that petrol climbed from between ₦800 to ₦900 to between ₦1,350 and ₦1,500 per litre, while diesel sold for as high as ₦2,000 as hostilities intensified in the Gulf between April and May.

It, however, noted that despite improved global affairs, petrol is still being sold at an average of ₦1,200 nationwide, with some local refiners fixing gantry prices between ₦1,025 and ₦1,075 despite the de-escalating tensions in the Middle East.

The FCCPC warned that it won’t allow marketers to sell at unfair prices, as a review of the gantry prices of local refiners, marketers, depot operators, and retail outlet operators revealed token reductions that are not commensurate with the steep fall in global crude oil prices.

The FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, in a statement signed by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, wondered why it is taking forever for consumers to benefit from the reopening of the Strait of Hormuz and the attendant fall in global prices of crude oil.

While acknowledging that domestic fuel prices are influenced by multiple factors, including refining costs, foreign exchange movements, logistics, financing, and distribution expenses, the FCCPC expects competitive market dynamics to ensure that resulting cost efficiencies are quickly transmitted to consumers.

“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action,” Bello said.

He urged consumers to continue reporting suspected anti-competitive conduct, misleading pricing practices, and other forms of unfair market behaviour through the Commission’s established complaint channels.