The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over the continued high price of petrol at filling stations across Nigeria.
In a statement on Sunday, the Executive Vice Chairman and Chief Executive Officer of the commission, Tunji Bello, said fuel marketers were quick to increase pump prices when global crude oil prices rose but have been slow to reduce prices despite the recent drop in crude oil prices following the reopening of the Strait of Hormuz.
The commission acknowledged that local fuel prices are affected by factors such as refining costs, foreign exchange rates, transportation, financing, and distribution expenses. However, he said consumers should benefit promptly from any reduction in operating costs through competitive market pricing.
The FCCPC also urged Nigerians to report suspected anti-competitive practices, misleading pricing, and other unfair market behaviour through its official complaint channels.
