₦airaland Forum

The Federal Competition and Consumer Protection Commission, FCCPC, has warned petrol marketers against unfair petrol pricing.


In a statement issued on Sunday by the Director of Corporate Affairs of the Commission, Ondaje Ijagwu, a review of prevailing gantry and retail prices suggested that consumers were yet to fully benefit from the easing in global oil prices

The FCCPC noted that the earlier spike in crude oil prices prompted local refiners and marketers to swiftly raise pump prices across the country.

DAILY POST recalls that petrol price rose to between ₦lN1,350 and N1,500 per litre, while diesel sold for as high as N2,000 as hostilities intensified in the Gulf between April and May.

According to the Commission, petrol is still being sold at an average of N1,200 nationwide, with some local refiners fixing gantry prices between N1,025 and N1,075.

“The Federal Competition and Consumer Protection Commission, FCCPC, has expressed concern over findings from an ongoing surveillance of the downstream petroleum market suggesting undue exploitation of consumers.

“A review of the gantry prices of local refiners, marketers, depot operators and retail outlet operators revealed token reductions in prices that are not commensurate with the steep fall in crude prices in the global market,” the statement said.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission was concerned by what appeared to be a one-sided response to changes in crude oil prices.

According to him, operators in the downstream sector often move swiftly to raise pump prices whenever crude oil prices increase but are reluctant to pass on the benefits to consumers when prices fall.

Bello said, “To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices.

“We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions.”

Source: https://dailypost.ng/2026/06/28/nigerians-not-benefiting-from-drop-in-crude-price-fccpc-warns-petrol-marketers

Even the dangote want to use the avenue to make money to build refineries in Kenya and Tanzania by ripping poor Nigerian.

Dangote and other marketers are pure evil. Unfortunately, the govt is not doing anything to regulate them. Price of petrol has gone down to the price it was before the war in most countries . But Dangote and other oil marketers in Nigeria are busy milking the people

Dangote should be kind to mankind for once. He once said that he is no longer in business merely to make profits, but to offer services and provide solutions. Now is the time for him to demonstrate that commitment to us.

Kind of amusing that Nigerians and their government want price controls for others, not for themselves.

If the government starts setting prices for the petroleum sector, in the name of helping the poor, it's going to end badly.

Y'all can call me oppressor, go.oat, or whatever, setting prices for businesses in this country, by government, is why we don't have a working power sector, and why we lost four refineries...and now EFCC is picking thrhough the corruption mess that resulted.

You won't like government setting your prices to help the poor if you were a businessperson, because governments want to be elected. And once you give them the power to set prices, they are going to force you businessperson to set your prices in a way that makes them popular and makes them win votes. Because tinubu is running for reelection, he may lose, and if he can kick fuel prices down before election, people gonnal vote for him...even if it means you guys lose your buisness in the names of losses.


One of the silliest things I have found being on this site is people willing to support price controls to help the poor. Despite historical evidence that the thing has been tried in several countries, and has always ended badly. People like making money, and people want to live the good life.

And see how price controls wrecked the fuel sector , and the power sector. It's just now that we are picking up the pieces. Yet most of you are gonna quote me and call me silly names like tinubu supporter, oppressor, go...o...at, or whatever, because simple economics is somehow beyond your ken.

Anyway, fuel prices are dropping. But it ain't got to drop to the level where people starve and government overborrows and gets us into more debt, just so that you can enjoy fuel at N40 per liter.

I'm begining to see why people voted widespread for buhari in 2015, and Apc. All it takes is saying fuel would be sold at N40. And yes, a lot of GEJ supporters and neutrals love the idea. Unfortunately in the real world....things cost money

And I ain't working for government, or voting APC, and this thing affects me badly too. But I ain't going to accept a solution that would lead to an outcome that would be infinetly worse than anything we can imagine...just because we want cheap things.

FFS, vote a leader that would encourage productivity and sane economics, not a leader that would be dashing you money and keeping prices low because they wanna be voted in forever, like this current government for example.

sleek214:
Dangote and other marketers are pure evil

I guess if you were in business, you would say the same thing as well about yourself.

You cannot set your prices to please your customers. No business has ever done that and survived. You set your prices at the point where it yields enough profit to fund your business adequately and keep it running well

Fuel won't be ever cheap enough for you in reality, unlike in russia, because we do not manufacture or make any of the components that go int building a refinery or an oil rig. If the thing breaks down or needs to be replaced,it has to be imported or fixed from abroad. That is the main reason why fuel is expensive.

And if you want your government to start subsidisng fuel again, just know that it was not in this year's budget, and spending on subsidy will take money away from other sectors of the budget , and the money would be replaced by more and more loans.

You know our debt is above 150 trillion naira? Want it to reach 400 trillion or more? Ask your senator to pass a law mandating fuel price is subsidised to N200 whatever the real cost. You go enjoy when monies for salaries and projects run out, and IMF and Beijing are not willing to give you loans no more.

nairalanda1:
Kind of amusing that Nigerians and their government want price controls for others, not for themselves.

If the government starts setting prices for the petroleum sector, in the name of helping the poor, it's going to end badly.

Y'all can call me oppressor, go.oat, or whatever, setting prices for businesses in this country, by government, is why we don't have a working power sector, and why we lost four refineries...and now EFCC is picking thrhough the corruption mess that resulted.

You won't like government setting your prices to help the poor if you were a businessperson, because governments want to be elected. And once you give them the power to set prices, they are going to force you businessperson to set your prices in a way that makes them popular and makes them win votes. Because tinubu is running for reelection, he may lose, and if he can kick fuel prices down before election, people gonnal vote for him...even if it means you guys lose your buisness in the names of losses.


One of the silliest things I have found being on this site is people willing to support price controls to help the poor. Despite historical evidence that the thing has been tried in several countries, and has always ended badly. People like making money, and people want to live the good life.

And see how price controls wrecked the fuel sector , and the power sector. It's just now that we are picking up the pieces. Yet most of you are gonna quote me and call me silly names like tinubu supporter, oppressor, go...o...at, or whatever, because simple economics is somehow beyond your ken.

Anyway, fuel prices are dropping. But it ain't got to drop to the level where people starve and government overborrows and gets us into more debt, just so that you can enjoy fuel at N40 per liter.

I'm begining to see why people voted widespread for buhari in 2015, and Apc. All it takes is saying fuel would be sold at N40. And yes, a lot of GEJ supporters and neutrals love the idea. Unfortunately in the real world....things cost money

And I ain't working for government, or voting APC, and this thing affects me badly too. But I ain't going to accept a solution that would lead to an outcome that would be infinetly worse than anything we can imagine...just because we want cheap things.

FFS, vote a leader that would encourage productivity and sane economics, not a leader that would be dashing you money and keeping prices low because they wanna be voted in forever, like this current government for example.

They all can call you oppressor? WHO ARE YOU?

Lanretoye:
Even the dangote want to use the avenue to make money to build refineries in Kenya and Tanzania by ripping poor Nigerian.

LOL...so what do you want government to do? Set his prices so that his refinery becomes scrap in ten years time, and we all have to waste forex importing fuel again?, and millions of jobs lost?

Bros, not everyhting is about you. If you were the owner of a refinery, and you want your refinery to become scrap, just ask government to set your gantry price at N100 per liter. You go see shege.

Bola Tinubu it'll never be well with you for ripping Nigerians!

Tooreda:
They all call you oppressor? WHO ARE YOU?

LOL...

Never ever support any government initative to set your prices as a businessman so that the poor can afford your products.

Take it as you will.

Tooreda:
This doesn’t answer the question. Don’t overestimate your worth. You are just part of the oppressed.

Because you just want to call me an oppressor and APC supporter, because you want fuel at N40 and I am telling you it is not possible

That's how I know people who don't want to have a sane discussion. They are like you, asking rhetorical questions. ..becaue they know they lose.

When you are ready to drop the rhetorics, I'll talk with you again. Till them good morning.

IamPatriotic:
Dangote should be kind to mankind for once. He once said that he is no longer in business merely to make profits, but to offer services and provide solutions. Now is the time for him to demonstrate that commitment to us.

If he said that, he must be a really good propaganda master.

Note that he did not say that he is in business never to make profits. TO offer services and possible solutions, HE HAS TO MAKE PROFITS...especially since the basis of those services and proper solutions are...drumroll....based on imported stuff, which are expensive.

I don;t like campaigning here, but Obi is the only candidate, who while not perfect, has talked about improving domestic productivity. VOTE FOR HIM NEXT YEAR.

nairalanda1:
LOL...

Never ever support any government initative to set your prices as a businessman so that the poor can afford your products.

Take it as you will.

This doesn’t answer the question. Don’t overestimate your worth. You are just part of the oppressed.

Hmmmm. This is unfortunate o

Blame Tinubu, it was never this bad under any past President.

Tinubu brought chaos and hardship upon Nigerians, he promised corn and dodo, his unstable wife promised kuli-kuli and akara.

How many kuli-kuli and akara will Nigerians sell to be able to buy a litre of fuel under Tinubu.

But Nigerians will still reward him with another 4 years. So there is little or nothing I can do. but I promise all of you, another 4 years with Tinubu will kpai you all.

FCCPC and their knee jerk approach!

One fat dude that appears on a popular TV programme was gaslighting FCCPC on Friday.

Let FCCPC go and sit down! It's a deregulated market.

If you want cheaper prices let other marketers bring products in.

These ones that have no authority, abeg make una park one side before Aliko Dangote go vex sack una Chairman

Fuckyoumod:
Blame Tinubu, it was never this bad under any past President.

Tinubu brought chaos and hardship upon Nigerians, he promised corn and dodo, his unstable wife promised kuli-kuli and akara.

How many kuli-kuli and akara will Nigerians sell to be able to buy a litre of fuel under Tinubu.

But Nigerians will still reward him with another 4 years. So there is little or nothing I can do. but I promise all of you, another 4 years with Tinubu will kpai you all.

Tinubu did a lot of bad things, and is doing a lot of bad things, and his wife was insensitive, but removing subsides on fuel was not one of them.

Again, subsides should have gone since 1993, because that was the point when it was obvious that we could not keep subsides and keep the refineries running well at the same time. Our budget deficit that year was sky high.

But we said no, and in 2012, most of you listened to tinubu then, and said no to removal of subsides. The resultant spending to maintain subsides forced us into a connundrum by 2022, where we were all boorrowed out, and could no longer pay for subsides in any meanigful way.

Had we removed subsides even in 2012, we would have passed the teething stage now.

Too bad it was removed by tinubu, but then again, no one had a choice.

P.S : If the oppostion was united as it should have been in 2023, Tinubu stands zero chance. STILL GO AND VOTE.

IamPatriotic:
Dangote should be kind to mankind for once. He once said that he is no longer in business merely to make profits, but to offer services and provide solutions. Now is the time for him to demonstrate that commitment to us.

Wetin concern Dangote concern Nigerian people's wellbeing? Is he your President?


Dangote is a monopolistic businessman, he is only interested in making profit and growing his conglomerates to compete with global billionaires.


Can't you see that Elon Musk is a dollar trillionaire? Aliko must join them, even if na to join $100billion club, at least that one de okay. Nigerians should be happy they have Dangote representing them in global billionaires list, that alone should make you people to allow Dangote sell petrol at NGN1350 so he can reach $100billion mark faster

nairalanda1:
I guess if you were in business, you would say the same thing as well about yourself.

You cannot set your prices to please your customers. No business has ever done that and survived. You set your prices at the point where it yields enough profit to fund your business adequately and keep it running well

Fuel won't be ever cheap enough for you in reality, unlike in russia, because we do not manufacture or make any of the components that go int building a refinery or an oil rig. If the thing breaks down or needs to be replaced,it has to be imported or fixed from abroad. That is the main reason why fuel is expensive.

And if you want your government to start subsidisng fuel again, just know that it was not in this year's budget, and spending on subsidy will take money away from other sectors of the budget , and the money would be replaced by more and more loans.

You know our debt is above 150 trillion naira? Want it to reach 400 trillion or more? Ask your senator to pass a law mandating fuel price is subsidised to N200 whatever the real cost. You go enjoy when monies for salaries and projects run out, and IMF and Beijing are not willing to give you loans no more.

This one don talk for his mind
Crude oil price drop everywhere in the world
Which is the main reason why the price went up initially

The greedy people like dangote didnt reflect that till now over how many weeks crude price don reduce

But u lot always justify everything….if crude oil price go up today before noon dangote will increase price

Now it went down over a week and yet he no come down even useless Nigerian govt agency had to complain but see Nigerian justifying whats not

BoboKush:
This one don talk for his mind

So do you, old boy.

Crude oil price drop everywhere in the world
Which is the main reason why the price went up initially

The greedy people like dangote didnt reflect that till now over how many weeks crude price don reduce

1. And fuel prices are dropping in Nigeria. Here in my neck of the woods, week before last fuel was N1370 now it is N1280 as at Saturday. And dropping. Plus, the gents that import have even cut their prices further. Dangote got to reduce

2. Also, Dangote has to keep his refinery working well...especially since his refinery relies on IMPORTED COMPONENTS...to survive. That tends to drive costs up.

Russia has low prices for fuel..partly due to government production (not consumption) subsides, but also because Russia has a domestic industry that makes everything from oil rigs to refineries., and their parts.

Plus in 2012, if you had supported GEJ to remove subsidy then, we may have had more refineries. But you guys said no...actions have consequences. The refusal to remove subsides meant that banks and investors would give money to someone who would have the kind of potential collateral to pay them back...dangote. (later BUA).

But u lot always justify everything….if crude oil price go up today before noon dangote will increase price

Now it went down over a week and yet he no come down even useless Nigerian govt agency had to complain but see Nigerian justifying whats not

Did you ever do economics at school, or not? Or you went to the University of the toilers and workers perchance?

Businesses set prices at the rate that keeps them running. They don';t set prices to please you and me, otherwise they would be non existent in a few years.



And when government gets into the buisness of price setting, well,see the effect it had on our power SECTOR and the NNPC refineries. Scrap. Even NITEL and its GSM subsidary MTEL were wrecked by government setting their prices...to say nothing of the debt we incurred from subsidy payments.

Abi naw, I since 1999 I have never seen a price go up and revert back to normal in this country.

Nigeria defies ECONOMY, hence making the economic laws and principles we were taught in school seems like a big fat lie.

The truth is Nigerian economy is just like Bet9ja virtual..

Its RIGGED BY UNSEEN HANDS

legendarystar:
Abi naw, I since 1999 I have never seen a price go up and revert back to normal in this country.

Nigeria defies ECONOMY, hence making the economic laws and principles we were taught in school seems like a big fat lie.

The truth is Nigerian economy is just like Bet9ja virtual..

Its RIGGED BY UNSEEN HANDS

Nope.

Nigeria's economy is based on how much raw materials we sell, and the revenue we make from it. Because we do not set the prices of the raw materials we sell, we often times end up in debt, and running budget deifcits...which affect the strength of the naira, and lead to price increases...that never come down.

Then again, it's a common thing around the world. 4 liters of petrol used to cost less than 50 cents in the USA decades ago. You won't find petrol at that price in the US today.

Having said that, it does not make our situation any better. ITis even aggravated by importation of stuff including stuff that we can make at home. ...which drains our forex and naira strength even more.

That's why when choosing a leader next year, vote for the one who even vaguely promotes improving production at home.

IamPatriotic:
Dangote should be kind to mankind for once. He once said that he is no longer in business merely to make profits, but to offer services and provide solutions. Now is the time for him to demonstrate that commitment to us.

There are some cabals that won't let him drop the price. That man owns his refinery, but doesn't control the prices fixed for petroleum products. You may not believe it but it's the truth

sleek214:
Dangote and other marketers are pure evil

Na so, no more, best thing since sliced btead.
Nigerians just do not know what they want and how get what they want.

Just ebbing and flowing like the tides.
Dangote does some business magic and they will praise him to high heavens and start fighting the regulators just as they did 'yesterday'.

Funny people.

Lanretoye:
Even the dangote want to use the avenue to make money to build refineries in Kenya and Tanzania by ripping poor Nigerian.

When I see some Nigerians praising him,I smh. That guy is working closely with fg,those dramas dey put up is not different from nlc and fg drama. ( Tell them this,when they complain,we offer them this)

What bothers me about this whole thing is that it took the market intervention of importers to open the eyes of Nigerians to lower gasoline prices, twice if I am not mistaken.

So it means if we had shut our economy completely to imports price gouging will persist.

This is highly, highly disappointing from our local refiners and dangerous to the economy because it will simply give fuel (no pun intended) to those who rather trade than produce, our economic bane for half a century.

Too bad.
Dangote, please give those who campaign for industrialization, production rather than consumpotion something to work with.

IamPatriotic:
Dangote should be kind to mankind for once. He once said that he is no longer in business merely to make profits, but to offer services and provide solutions. Now is the time for him to demonstrate that commitment to us.

That was a Cock and Bull story. You believe that, you believe anything.

Nigeria is a different world. Even if it drops below what it was before the Iran war, it will never drop here in Nigeria, we have very greedy people here.

nairalanda1:
LOL...so what do you want government to do? Set his prices so that his refinery becomes scrap in ten years time, and we all have to waste forex importing fuel again?, and millions of jobs lost?

Bros, not everyhting is about you. If you were the owner of a refinery, and you want your refinery to become scrap, just ask government to set your gantry price at N100 per liter. You go see shege.

Stop spitting out rubbish alaye

What is his cost of production?

If marketers despite the variance in exchange rate can sell below 1k per liter, how much more a person that refines himself.


It's like a retailer selling cheaper than a manufacturer, no be juju be that.

Quit trying to be clever by half

Dangote sha wan frustrate/ strangulate NIGERIANS with his WICKEDNESS

I like the fact that we are putting pressure on Dangote to slash the prices of the petroleum products.

However, that's the much we can do.

He's a private business owner and we can't dictate to him how much he must sell.

What we must do, is to ensure there's no monopoly of the sector.