The Federal Competition and Consumer Protection Commission, FCCPC, says it is monitoring the sustained decline in international crude oil prices to ensure that the reduction translates into lower petrol and diesel prices for Nigerian consumers.
The Commission says it expects refiners and petroleum marketers to reflect the savings from falling crude prices in their wholesale and retail prices without unnecessary delays.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr Tunji Bello, gave the assurance in a statement following public enquiries over the continued high cost of petroleum products despite the recent decline in global oil prices. 
According to the statement, “Latest market reports indicate that Brent crude futures have fallen from a peak of 115 dollars per barrel in September to below 90 dollars this week.”
“However, petrol currently sells for between 1,405 and 1,420 naira per litre in Abuja, while prices in Lagos range from 1,325 to 1,370 naira.”
“This compares with prices of between 839 and 925 naira per litre in Lagos and Abuja on February 27, before the outbreak of the conflict involving the United States, Israel and Iran,” he said.
Petroleum marketers have attributed the increase in fuel prices over the past eight months to volatility in international crude prices following the conflict, which disrupted oil shipments through the Strait of Hormuz, a major global energy supply route.
Mr Bello said a sustained decline in crude prices should result in lower costs across the petroleum supply chain.
“If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” he said.
He acknowledged the pressure high fuel prices have placed on Nigerians, assuring consumers that the Commission would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant agencies to monitor petroleum prices.
“Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” Bello added.
The FCCPC says its monitoring will focus on ensuring that reductions in international crude prices are reflected in domestic fuel costs and that consumers are protected from unfair market practices.
