FCCPC Warns Petrol Refiners, Marketers Of Sanctions Over Alleged Consumer Exploitation

FCCPC Warns Petrol Refiners, Marketers of Sanctions Over Alleged Consumer Exploitation The Federal Competition and Consumer Protection Commission FCCPC has warned petrol refiners, depot operators, marketers and retail outlet owners that they risk regulatory sanctions if ongoing investigations uncover evidence of consumer exploitation or anti-competitive practices in Nigeria’s downstream petroleum sector. The Commission said its market surveillance indicates that recent reductions in gantry and pump prices have been minimal despite the sharp decline in global crude oil prices. According to the FCCPC, while petroleum marketers responded quickly by increasing pump prices when crude oil prices surged during heightened geopolitical tensions in the Middle East, consumers have not enjoyed comparable price reductions now that international crude prices have fallen significantly. Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, stressed that although the Commission does not regulate fuel prices in Nigeria’s deregulated downstream market, it has a statutory responsibility under the Federal Competition and Consumer Protection Act, 2018 to promote fair competition and protect consumers from exploitative, deceptive and unfair business practices. Bello stated that any credible evidence of price manipulation, anti-competitive conduct, or consumer exploitation would trigger enforcement actions, including sanctions against offending companies. He noted that market liberalisation does not exempt businesses from their obligation to compete fairly or deny consumers the right to equitable treatment. The Commission also urged Nigerians to report suspected cases of unfair pricing, anti competitive behaviour and other consumer rights violations through its official complaint channels, reaffirming its commitment to ensuring that the benefits of falling global oil prices are fairly passed on to consumers. The FCCPC’s warning comes amid growing public concern over the continued high cost of petrol despite the recent easing of international crude oil prices, with many motorists and consumer groups calling for more substantial reductions in pump prices across the country.