*Tunji Bello, Executive Vice-Chairman and CEO, Federal Competition and Consumer Protection Commission, discloses the regulatory body is closely monitoring the continued drop in crude prices in the global oil market, to ensure the gain reflects in what Nigerian energy consumers pay at the filling stations in the country
Gbenga Kayode | ConsumerConnect
The Federal Competition and Consumer Protection Commission (FCCPC) has said it is closely monitoring the continued drop in crude prices in the international market to ensure the gain reflects in what Nigerian energy consumers pay at the filling stations.
Mr. Tunji Bello, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of NCC, gave the assurance Tuesday, November 10, 2026, following public enquiries concerning development in the oil sector.
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The Commission said latest reports indicated that Brent Futures had fallen from the peak of $115 September this year to below $90 this week in the international market.
According to FCCPC, in Nigeria, petrol prices average between ₦1,405 and ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370, in Lagos.
The Commission further said on 27 February, the day before the war involving the United States, Israel and Iran began, Brent Crude Futures closed at US$72.48 per barrel. Around that time, petrol sold for between ₦839 and ₦925 per litre at filling stations in Lagos and Abuja.
The Commission as well noted that Nigerian marketers of petroleum products often have attributed the spike in prices in the last eight months to volatility in crude prices following the outbreak of the U.S.-Iran conflict in the Middle East, resulting in the blockade of the Strait of Hormuz, the gateway for at least 25 percent of global oil traffic.
Mr. Ondaje Ijagwu, Director of Corporate Affairs at FCCPC, in a statement Tuesday also noted Bello said: “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.”
The EVC/CEO of the Commission stated: “We are aware of the difficulties high pump prices have caused Nigerians for some time now.
“Let me reassure that the Commission will continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail petrol prices.”
Bello added: “Where 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.”