FCCPC PROBES EXPLOITATIVE FUEL PRICING DESPITE FALLING OIL COSTS

The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into alleged exploitative pricing of petroleum products by marketers, despite a sustained decline in global crude oil prices.

The commission said it received numerous consumer complaints about fuel retailers failing to reflect lower international oil costs in pump prices, raising concerns over possible price gouging and anti-competitive practices. FCCPC Director-General Tunji Bello assured that the probe would be thorough and transparent.

“Consumers deserve fair pricing. We will not tolerate any attempt to exploit the market, especially when global benchmarks show declining costs,” Bello stated during a media interaction on Wednesday. The investigation covers major depots, independent marketers, and filling stations across the country.

Industry stakeholders have been summoned to provide records on procurement costs, distribution margins, and retail pricing structures. The FCCPC warned of severe sanctions, including hefty fines and possible licence revocation for operators found guilty of unethical conduct.

The probe comes amid public outcry over persistent high fuel prices, which continue to exert pressure on transportation costs and inflation. Economists have noted that Nigeria’s heavy reliance on imported refined products, coupled with exchange rate volatility, often delays the full pass-through of lower crude prices to consumers.

Consumer rights groups have applauded the FCCPC’s intervention, calling for stricter monitoring and enforcement to protect Nigerians from unfair pricing practices.