Nigeria's consumer watchdog says petrol prices should fall as crude drops below $90
The FCCPC says lower wholesale costs must reach the pump 'without undue delay' and warns it will act against unfair practices.
Abuja — Nigeria's Federal Competition and Consumer Protection Commission (FCCPC) says it expects falling crude oil prices to bring down the price of petrol at filling stations without undue delay.
The commission's Executive Vice Chairman, Tunji Bello, said in a statement in Abuja on Tuesday that the FCCPC was monitoring the continued decline in international crude prices to make sure consumers benefit. He said the move followed complaints and enquiries from the public.
From $115 to under $90
According to Bello, Brent crude futures have fallen from a peak of $115 a barrel in September to below $90 this week. Petrol currently sells for between N1,405 and N1,420 a litre in Abuja and between N1,325 and N1,370 in Lagos.
He compared that with late February. On 27 February, the day before the war involving the United States, Israel and Iran began, Brent closed at $72.48 a barrel, and petrol sold for between N839 and N925 a litre in Lagos and Abuja.
"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," Bello said.
Watching the market
He said the commission would keep working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other agencies to monitor wholesale and retail prices.
"Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate," he said.
Source: Punch, 10 November 2026.
