The Federal Competition and Consumer Protection Commission has warned oil marketers against failing to reduce petrol prices despite the recent drop in global crude oil prices.
The commission said refiners have lowered ex-depot prices, but many marketers have made only marginal reductions at filling stations, leaving consumers without the full benefit of lower costs.
FCCPC Executive Vice Chairman Tunji Bello said while the agency does not fix fuel prices, it has the legal mandate to investigate anti-competitive conduct and protect consumers from exploitative pricing.
He warned that the commission would investigate and sanction any marketer found engaging in unfair market practices that undermine competition or exploit consumers.
IPMAN President Abubakar Maigandi defended marketers, saying pump prices have been adjusted in line with refiners’ ex-depot price cuts and challenging the FCCPC to verify compliance across filling stations.
Some downstream operators argued that marketers were still selling products purchased at higher prices, making immediate price reductions difficult despite falling crude prices.
Economist Muda Yusuf backed FCCPC’s oversight role but said any enforcement must be based on evidence of anti-competitive behaviour, noting that replacement costs often determine fuel pricing in a deregulated market.
