FCCPC Warns Fuel Marketers Against Unfair Pricing, Threatens Sanctions

By Emmanuel Kwada

The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against unfair pricing practices and urged them to pass on any cost savings to consumers as fuel prices continue to fluctuate across the country.

The Commission expressed concern that despite a decline in some market costs, petrol is still selling at an average of ₦1,200 per litre nationwide, while some local refiners have fixed gantry prices between ₦1,025 and ₦1,075 per litre.

According to the FCCPC, the sharp rise in global crude oil prices during the Gulf tensions between April and May led marketers and refiners to quickly increase pump prices. During the period, petrol sold for between ₦1,350 and ₦1,500 per litre, while diesel prices rose to as much as ₦2,000 per litre.

The Commission noted that petrol had sold for between ₦800 and ₦900 per litre in February before the market experienced the latest surge.

While acknowledging that fuel pricing is influenced by factors such as refining costs, foreign exchange rates, transportation, financing and distribution expenses, the FCCPC stressed that a competitive market should ensure that any reduction in costs is reflected in prices paid by consumers.

Speaking on behalf of the Commission, Mr. Bello said market liberalisation does not exempt businesses from their responsibility to compete fairly and treat consumers justly.

“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action,” he said.

The FCCPC warned that it would not hesitate to sanction any marketer found engaging in anti-competitive behaviour, price exploitation or other practices that violate consumer protection laws.

The Commission also encouraged members of the public to report suspected cases of unfair pricing, misleading market practices and other forms of consumer exploitation through its official complaint channels.

The warning comes amid growing public concern over the high cost of fuel and its impact on transportation, food prices and the overall cost of living across Nigeria.