The Federal Competition and Consumer Protection Commission (FCCPC) is closely monitoring the continued drop in crude prices in the international market to ensure the gain reflects in what Nigerians pay at the filling stations.
The assurance was given today by the Executive Vice Chairman and Chief Executive Officer of the Commission, Mr. Tunji Bello, following public enquiries.
Latest reports indicate that Brent futures have fallen from the peak of $115 in September to below $90 this week in the international market.
In the country today, petrol prices average between ₦1,405 and ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370 in Lagos.
On 27 February, the day before the war involving the United States, Israel and Iran began, Brent crude futures closed at US$72.48 per barrel. Around that time, petrol sold for between ₦839 and ₦925 per litre at filling stations in Lagos and Abuja.
Marketers of petroleum products often attribute the spike in prices in the last eight months to volatility in crude prices following the outbreak of the U.S.-Iran conflict in the Middle East, resulting in the blockade of the Strait of Hormuz, the gateway for at least 25 percent of global oil traffic.
“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. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” said Mr. Bello.
“We are aware of the difficulties high pump prices have caused Nigerians for some time now. Let me reassure that the Commission will continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail petrol prices. Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate.”
*Ondaje Ijagwu
Director, Corporate Affairs.
