The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum refiners and marketers against maintaining high petrol and diesel prices despite the recent decline in international crude oil prices.
The commission said it was monitoring developments in the global oil market to ensure that the reduction in crude prices translates into lower fuel costs for Nigerian consumers.
The Executive Vice Chairman and Chief Executive Officer of FCCPC, Tunji Bello, gave the assurance on Tuesday, November 10, 2026, following public enquiries over the continued high cost of petrol.
According to the commission, Brent crude futures have dropped from a peak of $115 per barrel in September to below $90 this week.
However, petrol prices in Nigeria currently range between N1,405 and N1,420 per litre in Abuja, while motorists in Lagos pay between N1,325 and N1,370 per litre.
The commission noted that on February 27, a day before the outbreak of the conflict 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.
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Petroleum marketers have attributed the increase in fuel prices over the past eight months to volatility in international crude prices following the conflict in the Middle East and the reported blockade of the Strait of Hormuz, a major route for global oil shipments.
Bello said sustained declines in crude prices should lead to corresponding reductions in the cost of refined petroleum products.
“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,” he said.
He acknowledged the difficulties high fuel prices had imposed on Nigerians, assuring consumers that the commission would continue to monitor developments in the downstream petroleum market.
Bello said the FCCPC would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail fuel prices.
He warned that the commission would take appropriate action within its mandate where evidence of anti-competitive conduct or unfair practices prevents consumers from benefiting from lower costs.
The FCCPC’s statement was signed by its Director of Corporate Affairs, Ondaje Ijagwu.