FCCPC warns petrol marketers against price exploitation as crude oil drops
By Aboki Forex —
The Federal Competition and Consumer Protection Commission (FCCPC) has warned petrol marketers to stop keeping pump prices high despite the recent drop in global crude oil prices.
In a statement released on Sunday, June 28, 2026, the Commission said its monitoring of Nigeria's downstream petroleum sector shows that consumers are not benefiting from the reduction in crude oil prices. The FCCPC noted that price adjustments by refiners, depot operators and marketers have been too small compared to the significant fall in global crude oil prices.
Crude oil prices have returned to levels seen earlier this year, but retail petrol prices remain much higher. The Commission recalled that petrol sold for between ₦800 and ₦900 per litre before the spike in global oil prices. During the period of heightened geopolitical uncertainty, pump prices climbed to between ₦1,350 and ₦1,500 per litre.
Although international crude prices have fallen sharply, petrol is still selling for an average of about ₦1,200 per litre in many parts of the country. Some domestic refiners continue to quote ex-depot prices ranging from ₦1,025 to ₦1,075 per litre.
The FCCPC acknowledged that several factors influence domestic fuel prices, including exchange rate movements, refining costs, transportation, financing and distribution expenses. However, it stressed that consumers should enjoy the benefits of lower crude oil prices through fair and competitive pricing in a deregulated market.
The Commission vowed to investigate and sanction any marketer found engaging in price manipulation or anti-competitive practices. Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji B, said the agency will not tolerate exploitation of Nigerian consumers.