The Federal Competition and Consumer Protection Commission has raised concerns over what it described as possible consumer exploitation in Nigeria’s downstream petroleum sector following the failure of fuel prices to decline significantly despite a sharp drop in global crude oil prices.
The commission said its ongoing market surveillance showed that local refiners, depot operators, marketers and filling station owners had implemented only marginal reductions in fuel prices, a development it said was not commensurate with the steep decline in international crude oil prices.
In a statement issued on Sunday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the commission said a review of prevailing gantry and retail prices suggested that consumers were yet to fully benefit from the easing in global oil prices.
The statement read, “The Federal Competition and Consumer Protection Commission has expressed concern over findings from an ongoing surveillance of the downstream petroleum market suggesting undue exploitation of consumers.
“A review of the gantry prices of local refiners, marketers, depot operators and retail outlet operators revealed token reductions in prices that are not commensurate with the steep fall in crude prices in the global market.”
