Falling crude costs: FCCPC vows to sort out unfair practices, anti-competitive conduct

The Federal Competition and Consumer Protection Commission (FCCPC) has assured to take applicable motion inside its mandate of anti-competitive conduct or unfair practices that stop customers from benefiting from decrease prices.

FCCPC was reacting to the most recent studies indicating that Brent futures have fallen from the height of $115 in September to under $90 this week within the worldwide market.

The Executive Vice Chairman and Chief Executive Officer of the Commission, Mr. Tunji Bello, gave the peace of mind in an announcement issued by the Director, Corporate Affairs, Ondaje Ijagwu, on Tuesday in Abuja.

Bello stated the fee has unveiled plans in monitoring the continued drop in crude costs within the worldwide market to make sure the acquire displays in what Nigerians pay on the filling stations.

Bello stated within the nation in the present day, petrol costs common between ₦1,405 and ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370 in Lagos.

“On 27 February, the day earlier than the battle involving the United States, Israel and Iran started, Brent crude futures closed at US$72.48 per barrel.

“Around that time, petrol sold for between ₦839 and ₦925 per litre at filling stations in Lagos and Abuja,” he stated.

According to him, entrepreneurs of petroleum merchandise usually attribute the spike in costs within the final eight months to volatility in crude costs.

He stated following the outbreak of the U.S.-Iran battle within the Middle East, it resulted within the blockade of the Strait of Hormuz, the gateway for no less than 25 p.c of worldwide oil site visitors.

“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 stated.