The Federal Competition and Consumer Protection Commission (FCCPC) has called on fuel marketers to lower petrol prices in line with the recent decline in global crude oil prices, saying Nigerian consumers should benefit from the easing cost of crude.
In a statement issued on Sunday, the commission said its monitoring of the downstream petroleum sector showed that recent price reductions by refiners, depot operators and marketers have not matched the significant fall in international crude oil prices.
According to the FCCPC, crude oil prices have dropped to about **73 dollars per barrel** after the ceasefire between the United States and Iran and the reopening of the Strait of Hormuz, down from a peak of around **120 dollars per barrel** during heightened tensions in the Middle East.
The commission noted that marketers quickly raised pump prices to between **N1,350 and N1,500 per litre** when crude prices surged, but despite the recent decline, petrol is still selling for an average of about **N1,200 per litre**, raising concerns about the slow pace of price adjustments.
While acknowledging that fuel prices in Nigeria's deregulated market are influenced by factors such as refining costs, exchange rates, transportation, financing and distribution expenses, the FCCPC stressed that competition should ensure any reduction in costs is passed on to consumers.
FCCPC Executive Vice Chairman and Chief Executive Officer, **Tunji Bello**, said the commission does not fix petrol prices but is mandated under the Federal Competition and Consumer Protection Act to promote fair competition and protect consumers from exploitative business practices.
He expressed concern that marketers often increase prices immediately when crude oil becomes more expensive but delay passing on the benefits when international prices fall. Bello warned that the commission would investigate any evidence of price fixing, exploitative pricing or other anti-competitive practices and take enforcement action where necessary.
He also encouraged consumers to report suspected cases of price manipulation and other unfair market practices through the commission's complaint channels.
The FCCPC's statement comes shortly after **Dangote Refinery** reduced its ex-depot petrol price from **N1,175 to N1,125 per litre**, a development that has fuelled expectations of further reductions in pump prices nationwide.
The commission reiterated that although the downstream petroleum sector is deregulated, the benefits of falling global crude oil prices should ultimately be reflected in the prices paid by consumers at filling stations.
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