The Federal Competition and Consumer Protection Commission (FCCPC) says it expects the decline in crude oil prices to translate into lower wholesale and retail petrol prices without undue delay.
Tunji Bello, the commission’s Executive Vice Chairman, said in a statement on Tuesday in Abuja that the FCCPC was closely monitoring the continued decline in international crude oil prices.
Bello said the monitoring was aimed at ensuring that the gains in the international market were reflected in the prices consumers paid at filling stations.
He said the commission began the monitoring following public complaints and enquiries.
According to him, the latest reports indicate that Brent crude futures have fallen from a peak of $115 per barrel in September to below $90 this week.
He said petrol currently sells for between N1,405 and N1,420 per litre in Abuja and between N1,325 and N1,370 in Lagos.
“On 27 February, the day before the war involving the United States, Israel and Iran began, Brent crude futures closed at $72.48 per barrel.
“Around that time, petrol sold for between N839 and N925 per litre at filling stations in Lagos and Abuja.
“Marketers of petroleum products often attribute the spike in prices in the last eight months to volatility in crude prices following the outbreak of the U.S.-Iran conflict in the Middle East.
“If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high,” he said.
Bello said the commission was mindful of the difficulties high fuel prices had caused consumers.
He assured Nigerians that the FCCPC would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail petrol prices.
“Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” he said.
