The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against exploitative pricing of petrol, saying it will not hesitate to sanction operators found engaging in unfair market practices.
The commission raised concerns over the continued high cost of Premium Motor Spirit (PMS), commonly known as petrol, despite recent adjustments in global crude oil prices and local supply conditions.
According to the FCCPC, while petrol prices surged sharply in recent months due to global market disruptions, marketers are expected to reflect any reduction in costs by adjusting pump prices accordingly.
During the height of tensions in the Gulf region between April and May, crude oil prices rose significantly, triggering a sharp increase in fuel prices across Nigeria. Petrol sold for between ₦1,350 and ₦1,500 per litre in several parts of the country, while diesel prices climbed to nearly ₦2,000 per litre.
Before that period, PMS sold for between ₦800 and ₦900 per litre in February.
However, despite signs of relative stability in the market and reduced pressure on supply chains, petrol prices remain high nationwide. The FCCPC noted that PMS currently sells for an average of ₦1,200 per litre across the country.
The commission also observed that some local refiners are currently fixing gantry prices between ₦1,025 and ₦1,075 per litre, a development it believes should ordinarily create room for more competitive retail pricing.
The FCCPC stressed that although fuel pricing is influenced by several factors, including foreign exchange fluctuations, logistics, financing costs, refining expenses, and distribution challenges, marketers still have a responsibility to ensure fair pricing for consumers.
The commission maintained that market liberalisation does not give businesses unrestricted freedom to exploit Nigerians through arbitrary pricing.
Speaking on behalf of the commission, Mr. Bello said operators in the downstream petroleum sector must continue to comply with competition and consumer protection laws.
“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action.”
The FCCPC further warned that any form of price fixing, collusion, or anti-competitive behaviour among marketers would attract regulatory action.
However, consumers were also urged to remain vigilant and report suspicious pricing patterns, misleading price claims, and other unfair practices through the commission’s official complaint channels.
