The Federal Competition and Consumer Protection Commission says it expects a reduction in the wholesale cost of petrol to be reflected in pump prices without undue delay.\n<\/p>\n
The Executive Vice Chairman of the commission, Tunji Bello, said this in a statement issued in Abuja on Tuesday, November 10, 2026, as the FCCPC monitored the continued decline in international crude oil prices.\n<\/p>\n
Bello said the monitoring was aimed at ensuring that the gains in the international market were reflected in the prices consumers paid at filling stations.\n<\/p>\n
He said the commission\u2019s action followed public complaints and enquiries.<\/p>\n
According to him, the latest reports indicate that Brent crude futures have fallen from a peak of $115 in September to below $90 per barrel this week.<\/p>\n
He said petrol currently sells for between N1,405 and N1,420 per litre in Abuja and between N1,325 and N1,370 in Lagos.\n<\/p>\n
\u201cOn 27 February, the day before the war involving the United States, Israel and Iran began, Brent crude futures closed at $72.48 per barrel.<\/p>\n
\u201cAround that time, petrol sold for between N839 and N925 per litre at filling stations in Lagos and Abuja. <\/p>\n
\u201cMarketers of petroleum products often attribute the spike in prices in the last eight months to volatility in crude prices following the outbreak of the US-Iran conflict in the Middle East.\n<\/p>\n
\u201cIf 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,\u201d he said.\n<\/p>\n
Bello said the commission was mindful of the difficulties that high petrol prices had caused consumers.\n<\/p>\n
He assured Nigerians that the FCCPC would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail petrol prices.\n<\/p>\n
\u201cWhere there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,\u201d Bello said.\n<\/p>\n
Source: <\/p>\n
The Federal Competition and Consumer Protection Commission says it expects a reduction in the wholesale cost of petrol to be reflected in pump prices without undue delay. The Executive Vice… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-14538","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/14538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=14538"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/14538\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=14538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=14538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=14538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}