By Oluwakemi Kindness
The Federal Competition and Consumer Protection Commission (FCCPC) says it will take action against anti-competitive conduct or unfair practices preventing Nigerians from benefiting from falling international crude oil prices.
This is as the Commission says it expects refiners and petroleum marketers to reflect sustained declines in crude prices in the cost of petrol and diesel.
Executive Vice Chairman and Chief Executive Officer, FCCPC, Tunji Bello, gave the assurance on Tuesday in a statement following public enquiries.
“If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high,” Bello said.
He added that the Commission expected lower wholesale petrol costs and savings to reach consumers without undue delay.
Brent crude futures have fallen from a peak of 115 dollars per barrel in September to below 90 dollars this week.
However, petrol prices remain between ₦1,405 and ₦1,420 per litre in Abuja and ₦1,325 and ₦1,370 in Lagos.
Bello said the Commission was aware of the difficulties high pump prices had caused Nigerians.
He said the FCCPC would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail petrol prices.
“Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” he said.
The FCCPC chief reaffirmed the Commission’s commitment to ensuring that consumers benefit from any sustained reduction in international crude prices.
