Petrol prices may come down if the decline in international crude oil prices is sustained, the Federal Competition and Consumer Protection Commission (FCCPC) has said.
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The commission is monitoring the global oil market to ensure lower crude prices translate into reduced costs for consumers at filling stations.
Its Executive Vice Chairman and Chief Executive Officer, Tunji Bello, gave the assurance on Tuesday following public enquiries over high petrol prices.
According to the FCCPC, Brent crude futures have fallen from a peak of $115 per barrel in September to below $90 this week.
Despite the decline, petrol sells for between ₦1,405 and ₦1,420 per litre in Abuja, while prices in Lagos range from ₦1,325 to ₦1,370.
The commission said the figures were higher than prices recorded on February 27, before the conflict involving the United States, Israel and Iran began. Brent crude closed at $72.48 per barrel that day, while petrol sold for between ₦839 and ₦925 per litre in Lagos and Abuja.
Marketers have attributed the increase over the past eight months to global crude price volatility and disruption to shipments through the Strait of Hormuz.
Bello said a sustained decline in crude prices should lead to lower wholesale costs for petrol and diesel. He said refiners and marketers had no justification for keeping prices high if their costs fell.
He added that the FCCPC would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to monitor wholesale and retail prices. The commission would act where evidence showed anti-competitive conduct or unfair practices preventing consumers from benefiting.
What Nigerians should expect
The FCCPC has not announced a new pump price or ordered a fixed reduction. It expects savings in wholesale costs to reach consumers without undue delay. Motorists should watch for price changes as it monitors prices closely.
