The Federal Competition and Consumer Protection Commission says it is closely monitoring the continued fall in crude oil prices in the international market.
The aim is to ensure that the gains are reflected in what Nigerians pay at filling stations.
The commission disclosed this in a statement on Tuesday issued by its spokesperson, Ondaje Ijagwu.
The statement reads: “Latest reports indicate that Brent futures have fallen from the peak of $115 in September to below $90 this week in the international market.”
It continued: “In the country today, petrol prices average between ₦1,405 and ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370 in Lagos.
“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 said petroleum products marketers have often blamed the surge in prices over the last eight months on volatility in crude oil prices. They say this followed the outbreak of the US-Iran conflict in the Middle East and the resulting blockade of the Strait of Hormuz.
Commenting on the development, the Chief Executive Officer (CEO) of the commission, Tunji Bello, said sustained lower crude prices would leave refiners and marketers with no justification for keeping petrol and diesel prices relatively high.
Bello said: “We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay.”
He said the agency would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to monitor wholesale and retail petrol prices.
Bello said: “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.”
The CEO added that the commission would act within its mandate where evidence of anti-competitive conduct or unfair practices prevents consumers from benefiting from lower costs. In his words: “we will take appropriate action within our mandate.”
