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 operators and marketers remain insignificant despite the sustained fall in crude oil prices.
According to the FCCPC, global crude oil prices have dropped to about 73 dollars per barrel following the ceasefire between the United States and Iran and the reopening of the Strait of Hormuz. The agency noted that crude prices had climbed to about 120 dollars per barrel at the height of tensions in the Middle East between April and May, prompting a swift increase in petrol pump prices across Nigeria.
The Commission observed that while crude oil prices have now returned to levels recorded in February, retail fuel prices have remained relatively high.
It recalled that petrol sold for between ₦800 and ₦900 per litre in February, but rose sharply to between ₦1,350 and ₦1,500 per litre during the period of heightened geopolitical tensions. Despite the subsequent drop in crude oil prices, petrol is still being sold at an average of about ₦1,200 per litre, while some local refiners have fixed ex-depot prices between ₦1,025 and ₦1,075 per litre.
