The Federal Competition and Consumer Protection Commission has said it is monitoring the decline in international crude oil prices to ensure that Nigerians benefit from the reduction through lower petrol prices at filling stations.
The commission disclosed this in a statement on Tuesday by its spokesperson, Ondaje Ijagwu, following the fall in Brent crude prices to below $90 per barrel.
According to the FCCPC, Brent crude futures have dropped from a peak of $115 per barrel in September to below $90 this week, raising expectations of a corresponding reduction in the prices of petroleum products in the country.
The commission noted that petrol currently sells for between N1,405 and N1,420 per litre in Abuja, while prices in Lagos range from N1,325 to N1,370 per litre.
It added that on February 27, a day before the war involving the United States, Israel and Iran began, Brent crude futures closed at $72.48 per barrel, while petrol sold for between N839 and N925 per litre in Lagos and Abuja.
The FCCPC said petroleum marketers had attributed the increase in petrol prices over the past eight months to fluctuations in global crude oil prices following the outbreak of the US-Iran conflict and the subsequent blockade of the Strait of Hormuz.
Reacting to the development, the commission’s Chief Executive Officer, Tunji Bello, said the sustained decline in crude oil prices should translate into lower costs for refined petroleum products.
“We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” Bello said.
He said the commission would collaborate with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail prices of petroleum products.
“We are aware of the difficulties high pump prices have caused Nigerians for some time now,” Bello said.
“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.”
Bello added that the commission would intervene where evidence of anti-competitive behaviour or unfair market practices prevented consumers from benefiting from the reduction in crude oil prices.
“we will take appropriate action within our mandate”.
