FCCPC To Monitor Petrol Pump Price As Crude Oil Falls Below $90/barrell

The Federal Competition and Consumer Protection Commission (FCCPC) says it’s carefully monitoring the continued drop in crude oil costs within the worldwide market to make sure the features are mirrored in what Nigerians pay on the filling stations.

The FCCPC disclosed the transfer in a press release on Tuesday, issued by Ondaje Ijagwu, its spokesperson.

“Latest reports indicate that Brent futures have fallen from the peak of $115 in September to below $90 this week in the international market,” the assertion reads.

“In the nation at present, petrol costs common between ₦1,405 and ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370 in Lagos.

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“On 27 February, the day before the war involving the United States, Israel and Iran began, 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.”

The fee mentioned petroleum merchandise entrepreneurs have usually attributed the surge in costs during the last eight months to volatility in crude oil costs following the outbreak of the US-Iran battle within the Middle East and the ensuing blockade of the Strait of Hormuz.

Commenting on the event, Tunji Bello, chief govt officer (CEO) of the fee, mentioned sustained decrease crude costs would depart refiners and entrepreneurs with no justification for retaining petrol and diesel costs comparatively excessive.

“We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” Bello mentioned.

He mentioned the company would proceed to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and different related authorities businesses to observe wholesale and retail petrol costs.

“We are aware of the difficulties high pump prices have caused Nigerians for some time now,” Bello mentioned.

“Let me reassure that the Commission will continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail petrol prices.”

The CEO added that the fee would take motion inside its mandate the place proof of anti-competitive conduct or unfair practices prevents customers from benefiting from decrease prices, “we will take appropriate action within our mandate”.