Nigeria’s Fuel Prices Stay High as FCCPC Demands Faster Cuts After Global Crude Drop

Global crude oil prices fell sharply to about $73 per barrel after a US‑Iran cease‑fire and the reopening of the Strait of Hormuz. Despite the decline, Nigerian pump prices remain around ₦1,200 per litre, well above the ₦800‑₦900 range seen before the crisis.

The Federal Competition and Consumer Protection Commission (FCCPC) warned that marketers, refiners and depot operators have made only token reductions that do not reflect the steep fall in international crude prices, alleging possible consumer exploitation. The commission said its market surveillance showed marginal price cuts and emphasised that competitive markets must work fairly in both directions.

Minister of State for Petroleum Resources Sen. Heineken Lokpobiri instructed marketers to pass on the lower global oil price to consumers, stating that deregulation should not become a venue for profiteering. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the FCCPC are monitoring compliance under the Petroleum Industry Act.

Recent price adjustments by the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) have reduced pump prices by a few tens of naira, but analysts explain that inventory carry‑over, refining cycles, exchange‑rate volatility and other cost components delay the transmission of lower crude costs to the retail level. The government says it is engaging marketers and regulators to ensure transparent, fair pricing and to protect consumers from undue price increases.