FCCPC Monitors Crude Price Drop to Lower Nigerian Fuel Costs

The Federal Competition and Consumer Protection Commission is monitoring the decline in global crude oil prices to ensure the reduction leads to lower petrol and diesel costs for Nigerian consumers. Chief Executive Officer Tunji Bello noted that Brent crude futures have fallen from a September peak of $115 per barrel to below $90 this week.

Current petrol prices in Nigeria range from N1,325 to N1,370 per litre in Lagos and N1,405 to N1,420 per litre in Abuja. Petroleum marketers previously attributed price spikes over the last eight months to volatility caused by a conflict involving the United States, Israel, and Iran, which led to the blockade of the Strait of Hormuz.

Bello stated that if the price decline is sustained, there is no justification for refiners and marketers to keep pump prices high. The commission plans to collaborate with the Nigerian Midstream and Downstream Petroleum Regulatory Authority to track prices and take action against anti-competitive practices that prevent consumers from benefiting from lower wholesale costs.