No justification for relatively high petrol and diesel prices in Nigeria – FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has stated that there is no justification for the relatively high prices of petrol and diesel, despite the ongoing decline in international crude oil prices. FCCPC's Director of Corporate Affairs, Ondaje Ijagwu, made this observation in a recent statement, highlighting the Commission's monitoring of the situation to ensure that the benefits of lower crude oil prices are reflected in the prices at filling stations.

FCCPC Executive Vice Chairman, Tunji Bello, noted that Brent crude futures have declined significantly from a peak of $115 in September to below $90 this week, yet petrol remains priced above N1,000 per litre at filling stations in Lagos and Abuja. The Commission acknowledges the challenges posed by high pump prices to Nigerians and will take appropriate action if there is evidence of anti-competitive conduct preventing consumers from benefiting from lower costs.

Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.