No justification for relatively high petrol and diesel prices in Nigeria – FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) has said there is no justification for the relatively high prices of petrol and diesel in Nigeria following the continued decline in crude oil prices in the international market.

The observation was made in a statement signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, on Tuesday.

The development comes weeks after the Commission raised concerns over what it described as the slow reduction in petrol prices by refiners, marketers, depot operators and retailers despite the sharp decline in global crude oil prices.

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The Executive Vice Chairman and Chief Executive Officer of the Commission, Mr Tunji Bello, stated that the FCCPC is closely monitoring the continued decline in crude oil prices in the international market to ensure that the gains are reflected in what Nigerians pay at filling stations.

According to the Commission, the latest reports indicate that Brent crude futures have fallen from a peak of $115 in September to below $90 this week in the international market.

• “In the country today, petrol prices average between N1,405 and N1,420 per litre in Abuja and between N1,325 and N1,370 in Lagos,” he stated.

The CEO recalled that on February 27, the day before the war involving the United States, Israel and Iran began, Brent crude futures closed at $72.48 per barrel.

He added that around that time, petrol sold for between N839 and N925 per litre at filling stations in Lagos and Abuja.

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He acknowledged that petroleum product marketers often attribute the spike in prices over the last eight months to volatility in crude oil prices following the outbreak of the US-Iran conflict in the Middle East, which resulted in the blockade of the Strait of Hormuz, a major gateway for at least 25% of global oil traffic.

• “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. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” Mr Bello added.

He stated that the Commission is aware of the difficulties that high pump prices have caused Nigerians over time.

• “Let me reassure Nigerians that the Commission will continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail petrol prices,” he added.

He maintained that where there is evidence of anti-competitive conduct or unfair practices preventing consumers from benefiting from lower costs, the Commission will take appropriate action within its mandate and powers.

What you should know

Nairametrics reported that petrol marketers in the country are projecting a drop in fuel prices to the extent that vehicle owners who had converted to CNG might be forced to switch back to petrol.

However, although crude oil prices, as of June 2026, had dropped in most cases to levels recorded before the US-Iran conflict began in February, petrol prices in Nigeria have remained above N1,000 per litre at filling stations.

Before the crisis, petrol sold for between N800 and N900 per litre across the country.

Many Nigerians are expecting prices to return to these levels following developments in the global oil market.