FCCPC to monitor petrol pump price as oil prices drop to two-month low

The Federal Competition and Consumer Protection Commission (FCCPC) says it is expecting the easing in wholesale cost of petrol and its effect on the pump price for consumers without undue delay.

The FCCPC said this in a statement issued by its Executive Vice Chairman, Tunji Bello, on Tuesday, November 10, 2026.

Bello said the monitoring was to ensure that the gains at the market reflected on what citizens paid at filling stations.

Bell said the monitoring by the commission followed public complaints and enquiries.

Oil prices eased to a two-month low on Tuesday after United States officials downplayed the need for additional military action against Iran.

Brent futures dropped from $116 recorded on August 31 to $90 this week at the international market.

Bello stated: “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.

”On 27 February, the day before the war involving the United States, Israel and Iran began, brent crude futures closed at $72.48 per barrel.

”Around that time, petrol sold for between N839 and N925 per litre at filling stations in Lagos and Abuja.

”Marketers of petroleum products often attribute the spike in prices in the last eight months to volatility in crude prices following the outbreak of the U.S.-Iran conflict in the Middle East.

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”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.”

Bello said the FCCPC was mindful of difficulties that the high pump price of fuel had caused citizens.

The FCCPC boss assured Nigerians that the commission would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to track wholesale and retail petrol prices.

”Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” Bello said.