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FCCPC threatens sanction against petrol price profiteers
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By Francesca Hangeior
The Federal Competition and Consumer Protection Commission (FCCPC) is set to wield the big stick against oil marketers.
It follows their reluctance to reduce petrol pump prices in line with the falling global crude oil price.
The planned action, the commission said, became necessary after it observed that despite downward reviews of petrol ex-depot prices by domestic refiners, marketers, depot owners and retail outlet operators had only made negligible reductions at the pumps, which were not commensurate with the sharp fall in global crude oil prices.
Following a ceasefire agreement between the United States (U.S.) and Iran two weeks ago and the reopening of the Strait of Hormuz, crude oil prices have declined steadily, with Brent crude trading at $71.99 per barrel and West Texas Intermediate (WTI) at $69.23 per barrel yesterday.
The decline represents a sharp drop from the peak recorded during the conflict, returning prices to pre-war levels.
The earlier spike in global crude prices prompted local refiners and marketers to raise pump prices across the country, with petrol rising from about N800 per litre to between N1,350 and N1,500, while diesel sold for as much as N2,000 per litre as hostilities intensified in the Gulf.
Despite the subsequent decline in crude prices, petrol still sells for an average of N1,200 per litre, although some local refiners have reduced ex-depot prices to between N1,025 and N1,075 per litre.
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, explained that although the commission does not regulate or approve petroleum prices in a deregulated downstream market, it has a statutory responsibility under the Federal Competition and Consumer Protection Act 2018 to promote competitive markets, prevent anti-competitive conduct and protect consumers from unfair, deceptive and exploitative business practices.
According to a statement by the FCCPC Director of Corporate Affairs, Ondaje Ijagwu, Bello said: “We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking so long for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions.
“Though recognising that domestic prices are influenced by a range of commercial and market factors, including refining costs, foreign exchange movements, logistics, financing and distribution expenses, the commission expects competitive market dynamics to facilitate the timely transmission of resulting cost efficiencies to consumers.
“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment.
“Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the commission will investigate and take appropriate enforcement action.”
However, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said marketers were already complying with the reductions, explaining that pump prices had been lowered in line with refiners’ ex-depot price cuts.
“You have to know that these price reductions come in batches. As they reduce their prices, we also reduce ours.
“When Dangote Refinery reduced its ex-depot price by N50 per litre, we reflected the same N50 reduction at our filling stations.
“Any amount reduced from the ex-depot price is the same amount we reduce from our pump price,” he said.he
Maigandi challenged the FCCPC to conduct a survey of IPMAN filling stations to verify the level of compliance among its members.
“Compliance is compulsory because if you don’t comply, nobody will patronise you.
“No one will buy a product at a higher price when the same product is available cheaper elsewhere.
“Our marketers are complying. In fact, we welcome the reductions because lower prices translate into higher sales volumes,” he added.
Some operators in the downstream oil sector, however, faulted the FCCPC’s planned action, describing it as a case of double standards.
Asked to comment on the commission’s position, they argued that it was unfair to threaten marketers with sanctions in a deregulated market where pricing decisions are driven by commercial considerations.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, supported the FCCPC’s intervention, provided there was evidence of anti-competitive conduct.
“If there are obvious cases of exploitation or where players with significant market power abuse their position, the FCCPC can intervene because the commission has broad powers to address anti-competitive practices and abuse of market dominance.
“But it must first establish that such conduct exists before taking action. The downstream sector has many players, and there is already a framework that allows competition,” he said.
Yusuf, however, noted that despite its statutory powers, the FCCPC would find it difficult to compel marketers to reduce prices because pricing remains a commercial decision.
“If you bought stock at a particular price, your selling price is determined largely by the replacement cost. Even if you bought the product cheaper, you have to consider how much it will cost to replenish your stock. That is normal business practice, and it would be difficult to compel businesses to act otherwise,” he said.
He added that businesses generally respond faster to rising costs than falling costs because of replacement cost considerations.
“The argument by many marketers is that they still have old stock purchased at higher prices.”
“Until they exhaust that stock, they cannot significantly reduce pump prices. Once they begin buying new stock at lower prices, consumers should see further reductions,” Yusuf explained.
Bello encouraged consumers to continue reporting suspected anti-competitive conduct, misleading pricing practices and other forms of unfair market behaviour through the commission’s established complaint channels.
News
Enugu 2027: Nnaji signs one-term pact, vows to quit after four years
The Enugu State governorship candidate of the Peoples Democratic Party (PDP) in the 2027 election, Uche Nnaji, has signed an undertaking to serve only one term of four years if elected governor.
Nnaji signed the pact on Friday at Akpugo, Nkanu West Local Government Area, during a grand reception organised in his honour by PDP supporters and stakeholders.
The candidate said the decision was in recognition of the existing zoning arrangement in the state, assuring that he would not seek re-election after completing his first term.
According to him, the one-term commitment would enable him to focus on good governance and the implementation of his development agenda without being distracted by the pursuit of a second term.
“I am not interested in perpetuating myself in power. That is not the idea. That is why I said I am not going to disrupt the arrangement that is running, which is zoning of power.
“I am aware that Nkanu has gone for four years. So, being an Nkanu man, I will go for one term. After the one tenure, I will go.
“I am going to bring a different approach to governance. My approach will be just for human beings. I am not going to govern for animals. We must have conscience in governance. Government is said to be for the people, by the people and for the people,” he said.
Nnaji also promised to introduce what he described as a “one-day, one-project” policy, through which his administration would initiate and execute development projects across the state.
He said his ambition was to leave a legacy of rapid development and improved living standards at the end of his four-year tenure.
The PDP candidate appealed to the people of Enugu to support his aspiration, promising that his administration would be people-oriented, transparent and committed to the development of the state.
On taxation, Nnaji said his administration would govern with “conscience”, arguing that policies imposing excessive burdens on residents and businesses should be reviewed.
“So, we must govern with conscience. If you put a tax regime in place and it becomes so bad for the people, why are you keeping it? You withdraw it.
“Look at all these taxes going on in Enugu State. The cost of living has risen so high. Enugu State has become the most expensive state in the whole federation, and this is a civil service town, a public service town.
“Most people who want to build industries in Enugu State are taking them to Anambra because of the fear of taxation. So, we must govern with conscience,” he said.
Also speaking, a PDP chieftain, Basil Ani, pledged the support of party members and supporters for Nnaji’s ambition, saying they would work to ensure his emergence as governor in 2027.
Ani said Nnaji had grown beyond being a political candidate, describing him as a movement with growing support among the people.
“I want to tell you that Uche Nnaji has become a movement that is at the heart of the people. It is no longer about the political party; it is about the conviction of the people towards him.
“Nwakaibie is here to stay. Nwakaibie is here to take over,” he said.
Ani maintained that Enugu State remained a stronghold of the PDP, expressing confidence that the party would reclaim the governorship in the 2027 general election.
News
UNIZIK Begins Investigation Into Alleged Sexual Misconduct, Attack On Lecturer
The Management of Nnamdi Azikiwe University (UNIZIK), Awka, has said that it is investigating a case of sexual misconduct involving a lecturer in the Department of Chinese Studies, Faculty of Arts, over a female student of the University.
This followed Videos of the incident, which went viral, in which the lecturer was attacked by irate students on Saturday, August 15, 2026.
A statement signed by the Director, Information and Public Relations, comrade Aloysius Emeka Attah, said management is “deeply saddened by the unfortunate incident and strongly condemns the resort to violence, self-help, or any form of jungle justice under any circumstance”.
The Vice-Chancellor of Nnamdi Azikiwe University, Prof. Ugochukwu Bond Stanley Anyaehie, it said, has consistently reaffirmed the University’s zero-tolerance policy towards sexual misconduct, harassment and all forms of inappropriate behaviour.
However, management emphasised that allegations of misconduct must be handled through established institutional procedures and due process. “No individual or group is permitted to take the law into their own hands within the University environment”, it added.
Given the seriousness of the matter, it said the University Management has directed that an immediate, comprehensive and impartial investigation be conducted to establish the facts and circumstances surrounding the incident.
It said that an administrative process had been activated to ensure that justice is served fairly and objectively to all parties involved, because, according to it, “the University remains firmly committed to protecting the dignity, safety and wellbeing of its staff and students and will continue to take decisive action against any conduct that violates these principles”
News
Real reasons I left Christianity for Ifa – Ex-pastor
An Ondo State-based pastor, Olabanjo Felix, who renounced Christianity and embraced Isese, an indigenous Yoruba spiritual tradition, has explained that the “deceit in Christianity” prompted him to abandon the faith to become an Ifa priest.
Felix, who spoke with Sunday PUNCH on Saturday, alleged that there was “no true pastor of the Bible in Nigeria”, adding that many pastors in the country had turned Christianity into personal and family businesses.
He said he became fed up with Christianity and what he described as the brainwashing of Christians by some pastors.
Felix, who previously founded the Image of God Evangelical and Prophetic Ministries in Ibaka, Oka Akoko area of the state, renounced Christianity and declared his allegiance to Isese in a video which went viral on Thursday.
Announcing his transition from Christian ministry to Ifá practice, the former cleric also revealed his new spiritual identity.
“I’m now Ifawamiri Aworanolodumare, Babalawo of Ifá,” he declared in the video.
Felix expressed gratitude to his new spiritual mentor, the Araba of Isara-Remo, Olusegun Aifuwape, and his spiritual sons for guiding him.
He maintained that he publicly announced his decision to stop people from continuing to address him as a pastor even after he had stopped practising Christianity.
“I did that video to announce to the world that I’m no longer a pastor because people kept addressing me as pastor, but I cannot continue to accept that. I don’t support deceit, so people have to know that I’m now an Ifa adherent,” he said.
Felix, who said he was a pastor for more than three years, noted that his decision followed a two-year “soul-searching journey” during which he became increasingly disturbed by what he described as contradictions in the Bible and deception among some Christian leaders.
According to him, his decision was not sudden, noting that he consulted several pastors in an attempt to examine his convictions before eventually leaving Christianity.
He said, “I became fed up of Christianity because there is no true pastor of the Bible in Nigeria aside from Pastor Gbile Akanni. I’m a Bible student and I understand the Bible very well, but I was arrested by Ifa. I did not just change my religion overnight.
“I changed from Christianity to Ifa worshipping two years ago when I was on a soul-searching journey. I was very disturbed with the confusion in the Bible and the deceit in Christianity. Before taking my decision, I tried consulting with other pastors to check myself because I thought maybe I was not truly born again, but I still could not continue with Christianity even with their attempts to change my mind.”
Felix also disclosed that he considered converting to Islam before eventually settling on Ifa.
“I even tried converting to Islam because I consulted a cleric who advised me to go and study the Quran. I downloaded the Yoruba version of the Quran and I read, but I discovered that it is the same deceit.
“After this, I made up my mind to learn Ifa and become an Ifa priest and I started looking for genuine Ifa priests to mentor and lead me. My conviction was further rooted in the potency of herbs and roots,” Felix added.
According to him, his conviction was strengthened by his experience with herbs and roots, which he said contributed to his decision to embrace traditional Yoruba practice.
Felix said he eventually found the Araba of Isararemọ, Oluṣẹgun Latunji Aifuwapẹ, on Facebook and contacted him about his intention to learn Ifa.
He dismissed the perception that traditional religion was fetish, insisting that his practice of Ifa was centred on prayers, supplications and the use of herbs and roots, rather than fetish activities.
“I found Araba of Isararemọ, Oluṣẹgun Latunji Aifuwapẹ on Facebook and I told him of my intention to learn Ifa. And since I joined him, I have never engaged in any fetish act. We have only been praying and doing supplications,” he said.
Felix added that foreigners from different parts of the world visit the centre to learn about Ifa.
The former pastor further alleged that some Christian clerics secretly consult Ifa practitioners for divination despite publicly condemning traditional religious practices.
“There is too much deceit in Christianity. The so-called men of God have used the religion to brainwash a lot of people. I cannot count the number of pastors that contact us for Ifa divination.
“But I cannot do that, and that is why I came out openly to renounce Christianity and declared my allegiance to Ifa,” he said.
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