Crude price drop: FCCPC demands lower petrol prices

The Federal Competition and Consumer Protection Commission (FCCPC) has called on oil refiners and marketers to lower petrol prices in response to a decline in international crude oil prices. The commission stated that consumers should benefit from reduced production costs. The FCCPC's Executive Vice Chairman and CEO, Tunji Bello, made these remarks during a statement issued by the commission’s Director of Corporate Affairs, Ondaje Ijagwu.

Recent market reports indicate that Brent crude futures have dropped from a high of $115 per barrel in September to under $90 this week. Despite this, petrol prices remain high in Abuja (N1,405 - N1,420 per litre) and Lagos (N1,325 - N1,370 per litre). The FCCPC noted that while Nigeria has increased its domestic refining capacity, fuel prices continue to fluctuate due to changes in crude oil costs, foreign exchange rates, refining expenses, and distribution charges.

Bello emphasized that if the drop in crude prices persists, refiners and marketers have no reason to maintain high fuel prices. The commission will work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant bodies to monitor wholesale and retail petrol prices and address any practices that hinder consumers from enjoying lower costs.