He questioned why marketers were quick to increase fuel prices when crude oil prices rose but slow to pass on the benefits of falling prices to consumers.
The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over what it described as the exploitation of consumers by operators in Nigeria's downstream petroleum sector, warning that it will sanction businesses found engaging in unfair pricing practices.
The commission disclosed this in a statement issued on Sunday by its Director of Corporate Affairs, Ondaje Ijagwu, following findings from its ongoing surveillance of the downstream oil market.
According to the FCCPC, its review of gantry prices charged by local refiners, marketers, depot operators and retail outlets showed only marginal reductions despite a sharp decline in global crude oil prices.
Reacting to the findings, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission is not responsible for fixing petroleum prices but has a statutory duty to protect consumers and promote fair competition.
