By Stephen Simon
The Federal Competition and Consumer Protection Commission (FCCPC) has warned refiners, depot operators, petroleum marketers and retail outlet owners against exploiting consumers by failing to reduce petrol prices in line with the recent decline in global crude oil prices.
The Commission said its ongoing surveillance of the downstream petroleum sector showed that recent reductions in gantry and retail prices were only marginal despite a sharp drop in international crude oil prices.
It noted that while pump prices rose rapidly during the spike in crude oil prices caused by tensions in the Middle East, the gains from the subsequent decline had not been passed on to consumers.
In a statement, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, stressed that although the Commission does not regulate fuel prices in Nigeria’s deregulated market, it has the statutory responsibility to protect consumers from anti-competitive, deceptive and exploitative business practices.
He warned that operators found violating the law would face appropriate regulatory sanctions.
The Commission urged industry operators to ensure that changes in international market conditions are fairly reflected in domestic pump prices, saying Nigerians should not be denied the benefits of lower crude oil costs.
It also assured consumers that it would continue monitoring pricing trends across the downstream petroleum sector to ensure compliance with the provisions of the Federal Competition and Consumer Protection Act.
