The Federal Competition and Consumer Protection Commission (FCCPC) has declared its readiness to invoke strict regulatory sanctions against downstream petroleum marketers refusing to adjust retail pump prices downward in alignment with slumping global crude oil valuations.
The regulatory intervention became necessary after the commission observed that despite significant downward reviews of ex-depot prices by domestic refineries, retail outlet operators have maintained high prices, offering only negligible cuts at the filling stations.
Following a ceasefire agreement between the United States and Iran that led to the reopening of the strategic Strait of Hormuz, global benchmark Brent crude fell steadily to $71.99 per barrel, while West Texas Intermediate (WTI) settled at $69.23 per barrel.
This sharp drop erased the geopolitical premium that had previously pushed local petrol prices from around ₦800 per liter to between ₦1,350 and ₦1,500 per liter. While domestic refiners responded by cutting ex-depot rates to between ₦1,025 and ₦1,075 per liter, retail consumers still face an average pump price of ₦1,200 per liter.
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"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," FCCPC Executive Vice Chairman Tunji Bello stated.
Defending his members, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, maintained that marketers are complying with the price adjustments in batches.
He cited instances where Dangote Refinery's ₦50 price drop was directly passed on to consumers, challenging the FCCPC to conduct an field survey.
However, economic experts like Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), noted that while the FCCPC has the power to curb anti-competitive market dominance, forcing price drops remains difficult in a deregulated market due to replacement cost dynamics and high-priced old stock.
#FCCPC #TunjiBello #FuelPrices #IPMAN #CrudeOilDrop #DangoteRefinery #MudaYusuf #NigeriaEconomy
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