FCCPC Threatens Action Against Fuel Marketers Over Failure To Cut Pump Prices As Crude Prices Fall.
The Federal Competition and Consumer Protection Commission (FCCPC), on Tuesday put petroleum refiners and marketers on notice over the continued decline in international crude oil prices.
The commission warned that it would not tolerate anti-competitive practices that prevent Nigerians from benefiting from lower production and supply costs.
The commission said the retreat in crude prices from a September peak of $115 per barrel to below $90 this week should begin to translate into cheaper petrol and diesel, insisting that sustained reductions in input costs would make it increasingly difficult for operators to justify maintaining elevated pump prices.
Speaking against the backdrop of public enquiries over the failure of domestic pump prices to reflect movements in the international oil market, FCCPC Executive Vice Chairman/ Chief Executive, Mr. Tunji Bello, said the commission was closely monitoring crude price movements and their implications for domestic petroleum product pricing. Bello maintained that if the decline in crude prices persisted, refiners and marketers would have little justification for keeping petrol and diesel prices at current levels. He said, “If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high.
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Arise News.