The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum refiners and marketers against delaying reductions in petrol and diesel prices following the sustained decline in crude oil prices in the international market.
The Commission said that the drop in crude oil prices should translate into lower wholesale and retail prices of petroleum products, stressing that there was no justification for refiners and marketers to keep fuel prices relatively high if the decline was sustained.
The warning was contained in a statement issued by the Director, Corporate Affairs of FCCPC, Ondaje Ijagwu, dated November 10, 2026.
The Commission noted that Brent crude futures, which peaked at $115 per barrel in September, had fallen to below $90 per barrel, raising expectations that the decline would translate into lower prices for consumers.
It affirmed that petrol currently sells between ₦1,405 and ₦1,420 per litre in Abuja, while prices in Lagos range between ₦1,325 and ₦1,370 per litre.
The FCCPC recalled that on February 27, a day before the outbreak of the war involving the United States, Israel and Iran, Brent crude futures closed at $72.48 per barrel, while petrol sold between ₦839 and ₦925 per litre in Lagos and Abuja.
The Commission emphasised that it expected the decline in crude prices to ease wholesale petrol costs, with the resulting savings passed on to consumers at filling stations without undue delay.
It acknowledged the difficulties high fuel prices had caused Nigerians and assured that it would continue working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to monitor wholesale and retail petroleum prices.
The FCCPC further warned that it would take appropriate action within its mandate where evidence of anti-competitive conduct or unfair practices showed that consumers were being prevented from benefitting from lower costs.
