The Federal Competition and Consumer Protection Commission has said it is closely monitoring the rising cost of fuel in Nigeria amid the ongoing tensions involving the United States, Israel, and Iran, warning businesses not to take advantage of the situation to exploit consumers.
The Executive Vice Chairman and Chief Executive Officer of the commission, Tunji Bello, disclosed this while briefing journalists at the State House on Thursday.
Bello said the commission had deployed monitoring teams nationwide to assess the impact of global energy disruptions on petrol prices and other essential commodities.
According to him, the ongoing conflict in the Middle East has created volatility in global energy markets, a development that could affect domestic fuel prices and the cost of consumer goods in Nigeria.
“We are presently monitoring the situation as it affects prices in Nigeria because petrol has supply effects on many of the things we consume daily,” Bello said.
He cautioned that the commission would not tolerate unjustified price hikes by businesses seeking to exploit the global situation.
“Our monitors are already outside monitoring developments. If suppliers reduce prices by ₦100 or ₦200 and some filling stations are still selling for ₦1,500 per litre or higher, we will ask questions and take the necessary steps,” he added.
Bello noted that changes in petrol prices often trigger increases in the cost of many goods and services, including transportation and food, underscoring the need for regulators to guard against exploitative practices.
He added that the commission is collaborating with regulators in the petroleum sector to ensure that pricing aligns with prevailing market trends.
The FCCPC boss also disclosed that the commission has concluded its investigation into the steep rise in airline ticket prices during the 2025 Yuletide travel season.
According to Bello, the probe confirmed that at least six airlines took advantage of passengers during the festive period, adding that the commission will soon release its final report.
