By Attah Ede
The Federal Competition and Consumer Protection Commission (FCCPC) has stepped up its monitoring of fuel prices at filling stations nationwide following a sustained decline in international crude oil prices.
The Commission said the drop in crude oil prices should be reflected in the cost of petrol paid by consumers.
The Executive Vice Chairman and Chief Executive Officer of the Commission, Tunji Bello, disclosed this on Tuesday following public enquiries.
Bello, who spoke through the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, in a statement on Tuesday, said Brent crude had fallen from a peak of $115 in September to below $90 this week.
Petrol currently sells for an average of between ₦1,405 and ₦1,420 per litre in Abuja, and between ₦1,325 and ₦1,370 per litre in Lagos.
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. At the time, petrol sold for between ₦839 and ₦925 per litre at filling stations in Lagos and Abuja.
Petroleum marketers have often attributed the rise in prices over the past eight months to volatility in crude oil prices following the outbreak of the US-Iran conflict in the Middle East.
The conflict led to the blockade of the Strait of Hormuz, a route through which at least 25 per cent of global oil traffic passes.
Bello maintained that if the decline in crude oil prices was sustained, there would be no justification for refiners and marketers to continue charging relatively high prices for petrol and diesel.
“We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” Bello said.
