By JKNewsMedia
FALLING INTERNATIONAL crude oil prices have prompted the Federal Competition and Consumer Protection Commission (FCCPC) to intensify its monitoring of petrol prices, warning refiners and marketers against keeping pump costs high despite declining global oil prices.
JKNewsMedia.com reports that the Commission’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, gave the assurance on Tuesday, 10 November 2026, following public enquiries about whether Nigerians would benefit from the recent decline in crude oil prices.
Brent crude futures, which peaked at $115 in September, have dropped to below $90 this week, according to the latest market reports.
However, petrol prices remain between ₦1,405 and ₦1,420 per litre in Abuja, while motorists in Lagos pay between N1,325 and N1,370 per litre.
In a release, Bello notes that the current prices contrast sharply with those recorded on 27 February, a day before the war involving the United States, Israel and Iran began.
At the time, Brent crude futures closed at $72.48 per barrel, while petrol sold between N839 and N925 per litre in filling stations across Lagos and Abuja.
Petroleum marketers have frequently attributed the increase in fuel prices over the past eight months to fluctuations in international crude prices following the outbreak of the US-Iran conflict in the Middle East.
The conflict also resulted in the blockade of the Strait of Hormuz, a passage for at least 25 per cent of global oil traffic.
Bello further maintained that a sustained decline in crude prices should translate into lower costs for consumers, insisting that refiners and marketers had no justification for maintaining relatively high petrol and diesel prices if their input costs continued to fall.
“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. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” he said.
He acknowledged the financial difficulties Nigerians had faced because of persistently high fuel prices and pledged continued regulatory oversight to ensure consumers benefit from any reduction in costs.
The FCCPC chief also said the Commission would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to monitor wholesale and retail petrol prices.
However, Bello warned that the Commission would take appropriate action within its mandate if it uncovered anti-competitive conduct or unfair practices preventing consumers from benefiting from lower costs.
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