Nigeria’s consumer protection watchdog, the Federal Competition and Consumer Protection Commission, has expressed concern over the continued high cost of petrol across the country despite a significant decline in global crude oil prices.
The commission said recent market observations show that many fuel marketers have only made minor reductions in pump prices even though international crude prices have dropped sharply in recent days, raising concerns that consumers may not be getting the full benefit of market changes.
According to the agency, a review of pricing patterns across depots, refineries and filling stations indicates that the reductions seen so far do not reflect the scale of the global oil price decline.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the development has triggered concerns about fairness within Nigeria’s deregulated petroleum market.
In an official statement released by the commission, Bello noted that fuel prices in Nigeria often rise almost immediately whenever global crude oil prices increase, but reductions tend to happen far more slowly when international prices begin to fall.
He said competitive markets are expected to work fairly in both directions and warned that businesses engaging in exploitative pricing practices could come under regulatory scrutiny.
The development follows a major reversal in international oil prices after easing geopolitical tensions in the Middle East helped stabilize global supply routes, leading crude prices to fall significantly from previous highs.
In recent months, Nigerian motorists have faced petrol prices ranging between ₦1,350 and ₦1,500 per litre in several states, despite improving conditions in the global oil market.
The FCCPC has urged Nigerians to report suspected cases of price manipulation, anti-competitive conduct and unfair business practices as authorities continue monitoring the downstream petroleum sector.
The latest warning is expected to renew public debate over whether the country’s deregulated fuel market is truly delivering fair pricing for consumers.
