FCCPC WARNS PETROL MARKETERS AGAINST UNFAIR PRICING AMID FALLING CRUDE OIL PRICES

The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against unfair pricing practices, expressing concern that consumers are yet to benefit fully from the recent decline in global crude oil prices.

In a statement issued yesterday by the Commission’s Director of Corporate Affairs, ONDAJE IJAGWU, the FCCPC said its ongoing surveillance of the downstream petroleum sector showed that reductions in gantry and retail prices have not matched the significant drop in international crude oil prices.

The Commission recalled that local refiners and marketers quickly increased fuel prices when crude oil prices surged during heightened tensions in the Gulf between April and May, selling between ₦1,350 and ₦1,500 per litre, while diesel prices climbed to as much as ₦2,000 per litre, however, despite the price fall at the international market, marketers still sell fuel at an average of ₦1,200 per litre.

It added that the review of prices across refiners, depot operators, marketers and retail outlets revealed only marginal reductions that were not commensurate with the sharp decline in global crude oil prices.

The commission stressed that competitive markets should respond fairly to both increases and decreases in global crude oil prices, ensuring consumers enjoy the benefits of falling costs.