The Federal Competition and Consumer Protection Commission (FCCPC) says it is monitoring petrol prices across Nigeria to ensure that consumers benefit from the recent decline in international crude oil prices.
The Commission warned that refiners and petroleum marketers would have no justification for keeping petrol and diesel prices high if the decline in crude oil prices was sustained, insisting that the benefits should be reflected at filling stations without undue delay.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, gave the assurance on Tuesday following public enquiries about whether falling crude oil prices would lead to lower fuel costs in Nigeria.
According to the Commission, Brent crude futures have fallen from a peak of $115 per barrel in September to below $90 this week.
Despite the decline, petrol prices in Nigeria remain high, averaging between N1,405 and N1,420 per litre in Abuja and between N1,325 and N1,370 per litre in Lagos.
To highlight the difference, the Commission recalled that on February 27, a day before the outbreak of the war involving the United States, Israel and Iran, Brent crude futures closed at $72.48 per barrel, while petrol sold for between N839 and N925 per litre in Lagos and Abuja.
The Commission noted that petroleum marketers had attributed the sharp increase in fuel prices over the past eight months to fluctuations in crude oil prices following the conflict in the Middle East and the resulting blockade of the Strait of Hormuz, a major route for global oil shipments.
Bello said the FCCPC would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail petroleum prices.
He added that the Commission would take appropriate action where evidence of anti-competitive conduct or unfair practices showed that consumers were being prevented from benefiting from lower costs.
The FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, reiterated the agency’s commitment to ensuring that reductions in international crude oil prices translated into lower fuel costs for Nigerian consumers.