The Federal Competition and Consumer Protection Commission (FCCPC) has warned oil marketers against exploitation, saying the current petrol pump prices do not match the global crude cost reduction. The warning is contained in a statement on Sunday from findings from the commission’s ongoing surveillance of the downstream petroleum market.
The FCCPC noted that the earlier spike in crude prices saw local refiners and marketers raising pump prices swiftly across the country, with petrol climbing to between N1,350 and N1,500 and diesel selling at N2,000 as hostilities intensified between April and May, but in February, petrol averaged between N800 and N900. Across the country today, petrol is still sold at an average of N1,200, while some local refiners have fixed their gantry prices between N1,025 and N1,075.
The commission’s Chairman, Tunji Bello, said that although the commission does not regulate petrol prices in a deregulated market, it has a statutory responsibility under the law to protect consumers from exploitative business practices. He expressed concern that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is taking forever for consumers to benefit significantly when crude prices fall, and competitive markets must work fairly in both directions.
He encouraged consumers to continue reporting suspected anti-competitive conduct, misleading pricing practices, and other forms of unfair market behaviour through the commission’s established complaint channels.
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