The Federal Competition and Consumer Protection Commission, FCCPC, says it is expecting the easing in wholesale cost of petrol and its effect on the pump price for consumers without undue delay.
Mr Tunji Bello, the Executive Vice Chairman of the Commission, said in a statement, in Abuja on Tuesday, that FCCPC was closely monitoring the continued drop in crude prices at the international market.
Bello said the monitoring was to ensure that the gains at the market reflected on what citizens paid at filling stations.
He said that the monitoring by the commission followed public complaints and enquiries.
According to him, latest reports indicate that Brent futures have fallen from the peak of $115 dollar in September to below $90 dollars this week at the international market.
” In the country today, petrol prices average between N1,405 and N1,420 per litre in Abuja and between N1,325 and N1,370 in Lagos.
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” On 27 February, the day before the war involving the United States, Israel and Iran began, brent crude futures closed at $72.48 dollars per barrel.
” Around that time, petrol sold for between N839 and N925 per litre at filling stations in Lagos and Abuja.
” Marketers of petroleum products often attribute the spike in prices in the last eight months to volatility in crude prices following the outbreak of the U.S.-Iran conflict in the Middle East.
” 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,” he said.
Bello said that the commission was mindful of difficulties that the high pump price of fuel had caused citizens.
He assured citizens that the commission would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail petrol 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 said.
