‘Nigerians not benefiting from drop in crude price’ – FCCPC warns petrol marketers

The Federal Competition and Consumer Protection Commission, FCCPC, has warned petrol marketers against unfair petrol pricing.

In a connection issued on Sunday by the Director of Corporate Affairs of the Commission, Ondaje Ijagwu, a reappraisal of prevailing gantry and retail prices suggested that consumers were yet to afloat payment from the easing successful planetary lipid prices

The FCCPC noted that the earlier spike successful crude lipid prices prompted section refiners and marketers to swiftly rise pump prices crossed the country.

DAILY POST recalls that petrol terms roseate to betwixt ₦lN1,350 and N1,500 per litre, portion diesel sold for arsenic precocious arsenic N2,000 arsenic hostilities intensified successful the Gulf betwixt April and May.

According to the Commission, petrol is inactive being sold astatine an mean of N1,200 nationwide, with immoderate section refiners fixing gantry prices betwixt N1,025 and N1,075.

“The Federal Competition and Consumer Protection Commission, FCCPC, has expressed interest implicit findings from an ongoing surveillance of the downstream petroleum marketplace suggesting undue exploitation of consumers.

“A reappraisal of the gantry prices of section refiners, marketers, depot operators and retail outlet operators revealed token reductions successful prices that are not commensurate with the steep autumn successful crude prices successful the planetary market,” the connection said.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the committee was acrophobic by what appeared to beryllium a one-sided effect to changes successful crude lipid prices.

According to him, operators successful the downstream assemblage often determination swiftly to rise pump prices whenever crude lipid prices summation but are reluctant to walk connected the benefits to consumers erstwhile prices fall.