Amid Drop in Global Crude Oil Price, FCCPC Warns Marketers Against Exploiting Consumers
*Bello laments slow pump price reductions, cautions profiteers
James Emejo in Abuja
Executive Vice Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, yesterday warned operators in the downstream petroleum sector against exploiting consumers by refusing to reflect the sharp decline in global crude oil prices in retail fuel prices.
Bello said ongoing surveillance of the downstream petroleum market by the commission had revealed that reductions in gantry prices by local refiners, marketers, depot operators and retail outlet operators had been marginal and far below what current global crude oil prices should ordinarily justify.
