Nigeria: Amid Drop in Global Crude Oil Price, FCCPC Warns Marketers Against Exploiting Consumers
The commission said local refiners and marketers have made only token cuts and warned it will sanction operators found exploiting consumers.
- On Sunday, the Federal Competition and Consumer Protection Commission warned petrol marketers and refiners that consumers are not fully benefiting from recent global crude oil price declines, threatening sanctions for exploitative pricing.
- Following a ceasefire accord between the United States and Iran two weeks ago and the reopening of the Straits of Hormuz, crude prices fell to approximately $73 per barrel, a sharp drop from the $120 peak in April.
- Despite the global decline, petrol still averages around 1,200 per litre nationwide, while some local refiners have fixed gantry prices between 1,025 and 1,075 per litre, revealing a pricing lag.
- Executive Vice Chairman and Chief Executive Officer Tunji Bello clarified that while the commission does not regulate petroleum prices in the deregulated downstream sector, the FCCPA 2018 mandates consumer protection from unfair practices.
- The commission will investigate any conduct undermining competition or exploiting consumers, with operators facing potential sanctions if credible evidence of unfair pricing practices is established.
23 Articles
23 Articles
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Nigeria: Amid Drop in Global Crude Oil Price, FCCPC Warns Marketers Against Exploiting Consumers
Executive Vice Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, yesterday warned operators in the downstream petroleum sector against exploiting consumers by refusing to reflect the sharp decline in global crude oil prices in retail fuel prices.
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FCCPC warns oil marketers against profiteering as crude prices fall
The Federal Competition and Consumer Protection Commission (FCCPC) has warned oil marketers against exploiting consumers, saying the current retail prices of petrol do not reflect the sharp decline in global crude oil prices. In a statement issued on Sunday, the Commission said its ongoing surveillance of the downstream petroleum sector had uncovered indications of consumer exploitation, as recent reductions in petrol prices by refiners, depot o…
FCCPC threatens sanctions, warns marketers over petrol price cuts
The agency says it is monitoring pricing trends in the downstream petroleum sector and will sanction businesses found exploiting consumers despite falling global crude oil prices. The post FCCPC threatens sanctions, warns marketers over petrol price cuts appeared first on Premium Times Nigeria.
'Nigerians not benefiting from drop in crude price' - FCCPC warns petrol marketers
The Federal Competition and Consumer Protection Commission, FCCPC, has warned petrol marketers against unfair petrol pricing. In a statement issued on Sunday by the Director of Corporate Affairs of the Commission, Ondaje Ijagwu, a review of prevailing gantry and retail prices suggested that consumers were yet to fully benefit from the easing in global oil prices The FCCPC noted that the earlier spike in crude oil prices prompted local refiners a…
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