FCCPC Warns Fuel Marketers Against Unfair Pricing as Petrol Averages ₦1,200 Nationwide
The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against exploiting consumers through unfair pricing practices, stressing that businesses must reflect lower operational costs in retail fuel prices whenever market conditions improve.
The Commission’s warning comes amid continued fluctuations in the downstream petroleum sector, where the average pump price of Premium Motor Spirit (PMS), commonly known as petrol, currently stands at about ₦1,200 per litre across Nigeria.
According to the FCCPC, the sharp rise in global crude oil prices earlier this year triggered significant increases in domestic fuel prices. During the period of heightened tensions in the Gulf between April and May, petrol prices surged to between ₦1,350 and ₦1,500 per litre in many parts of the country, while diesel prices climbed to as much as ₦2,000 per litre.
The Commission recalled that in February, PMS sold for between ₦800 and ₦900 per litre before the international oil market experienced renewed volatility. Although crude oil prices have since eased and some local refiners have reduced their ex-depot (gantry) prices to between ₦1,025 and ₦1,075 per litre, the average retail price of petrol remains around ₦1,200 nationwide.
FCCPC noted that fuel pricing is influenced by several factors, including refining costs, exchange rate movements, transportation expenses, financing costs, logistics, and distribution charges. However, it maintained that a competitive market should naturally ensure that any reduction in operating costs is passed on to consumers without unnecessary delays.
Speaking on behalf of the Commission, Mr. Bello reiterated that deregulation of the petroleum sector does not exempt marketers from complying with competition and consumer protection laws.
He stated that market liberalisation does not remove the responsibility of businesses to compete fairly or consumers’ right to fair treatment. According to him, the Commission will investigate and sanction any marketer found engaging in anti-competitive practices, consumer exploitation, price manipulation, or any conduct that violates the Federal Competition and Consumer Protection Act.
The FCCPC further encouraged Nigerians to remain vigilant and report cases of suspected price manipulation, misleading pricing, anti-competitive conduct, or other unfair business practices through the Commission’s official complaint channels.
ALSO READ: Tinubu Approves Free CAC Registration for 250,000 MSMEs Across Nigeria
The Commission emphasized that protecting consumers and promoting fair competition remain central to its mandate, adding that it will continue monitoring developments in the petroleum market to ensure that Nigerians benefit from genuine market efficiencies.
