The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against unfair pricing practices, urging them to pass on cost savings to consumers amid recent fluctuations in fuel prices.
The Commission also cautioned that it would investigate and sanction marketers found engaging in anti-competitive practices or exploiting consumers in violation of the Federal Competition and Consumer Protection Act.
In a statement, the FCCPC noted that the surge in global crude oil prices between April and May prompted local refiners and marketers to increase the pump price of Premium Motor Spirit (PMS) across the country.
According to the Commission, petrol prices rose to between ₦1,350 and ₦1,500 per litre during the period, while diesel sold for as much as ₦2,000 per litre as tensions escalated in the Gulf region.
The Commission, however, observed that although crude oil prices have since eased and some local refiners have adjusted their ex-depot prices to between ₦1,025 and ₦1,075 per litre, petrol is still being sold at an average of about ₦1,200 per litre nationwide.
It recalled that PMS had averaged between ₦800 and ₦900 per litre in February before the spike in international oil prices.
While acknowledging that domestic fuel prices are influenced by factors such as refining costs, foreign exchange rates, logistics, financing, and distribution expenses, the FCCPC stressed that a competitive market should ensure that any reduction in operating costs is reflected in pump prices for consumers.
Speaking on behalf of the Commission, Mr. Bello said market liberalisation does not absolve businesses of their responsibility to compete fairly or protect consumers from exploitative practices.
“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action,” he said.
The FCCPC also urged consumers to report suspected cases of anti-competitive conduct, misleading pricing, and other unfair market practices through its official complaint channels, assuring Nigerians of its commitment to promoting fair competition and protecting consumer rights in the downstream petroleum sector.
