The Federal Competition and Consumer Protection Commission has warned petroleum marketers against exploiting Nigerians through unjustified fuel prices, insisting that any reduction in operational costs should be reflected at filling stations.
The commission said operators who engage in price manipulation, anti-competitive practices or any conduct that violates consumer protection laws risk investigation and possible sanctions.
The warning comes as petrol continues to sell for an average of ₦1,200 per litre across the country despite a decline in ex-depot prices by some local refiners.
According to the FCCPC, the spike in crude oil prices triggered by tensions in the Gulf earlier in the year led refiners and marketers to increase pump prices, with petrol selling for between ₦1,350 and ₦1,500 per litre in many locations, while diesel rose to about ₦2,000 per litre.
The commission recalled that petrol sold for between ₦800 and ₦900 per litre in February, adding that some local refiners are now selling products at gantry prices ranging from ₦1,025 to ₦1,075 per litre.
It maintained that although pump prices are influenced by factors such as foreign exchange rates, refining costs, logistics, financing and distribution expenses, consumers should benefit whenever market conditions improve.
Speaking on behalf of the commission, Mr Bello said deregulation does not exempt businesses from complying with competition and consumer protection laws.
He said the FCCPC would investigate and take enforcement action against any marketer found exploiting consumers or engaging in anti-competitive conduct.
The commission also urged Nigerians to report suspected price manipulation, misleading pricing and other unfair market practices through its official complaint channels.
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