Nigeria’s consumer protection agency has warned petroleum marketers against exploiting motorists through inflated fuel prices, saying businesses must pass on falling costs to consumers or risk regulatory action.
The Federal Competition and Consumer Protection Commission (FCCPC) said recent shifts in market conditions should be reflected in pump prices, cautioning that liberalisation of the downstream petroleum sector does not permit unfair pricing or anti-competitive conduct.
Fuel prices surged sharply between April and May as escalating tensions in the Gulf pushed up global crude oil prices. During the period, petrol (PMS) sold for between ₦1,350 and ₦1,500 per litre across parts of the country, while diesel climbed to as much as ₦2,000 per litre.
Although crude prices have since eased and some domestic refiners now sell petrol to marketers at gantry prices ranging from ₦1,025 to ₦1,075 per litre, the FCCPC noted that motorists are still paying an average of ₦1,200 per litre nationwide.
The Commission acknowledged that retail fuel prices are shaped by several factors, including refining costs, foreign exchange fluctuations, transportation, financing, and distribution expenses. However, it insisted that a competitive market should ensure any reduction in operating costs is promptly transferred to consumers.
“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment,” FCCPC spokesman Mr Bello said.
“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.”
The agency also urged members of the public to report suspected price manipulation, anti-competitive practices, and other forms of unfair market conduct through its official complaint channels, reaffirming its commitment to protecting consumers and promoting fair competition in Nigeria’s downstream petroleum sector.
