The Federal Competition and Consumer Protection Commission (FCCPC) has officially warned petroleum marketers against exploiting Nigerian consumers.
In a powerful statement released by the FCCPC’s Executive Vice Chairman, Tunji Bello, the commission called out operators across the downstream petroleum sector—including local refiners, marketers, depot owners, and retail station operators—for keeping pump prices artificially high.
The FCCPC made it clear that while it does not directly regulate or set fuel prices in Nigeria’s deregulated market, its core mandate is to protect citizens from unfair and exploitative business practices.
Tunji Bello expressed deep concern over a frustrating trend that many Nigerians know all too well: dealers are lightning-fast when it comes to hiking pump prices the moment global crude oil rises, but they take forever to lower them when prices crash.
The commission insisted that a truly competitive market must be fair to consumers and work in both directions.
