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FCCPC Warns Petrol Marketers Against Exploitative Pricing, Threatens Sanctions
FCCPC Warns Petrol Marketers Against Exploitative Pricing, Threatens Sanctions
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to petroleum marketers across the country, cautioning them against exploitative pricing of Premium Motor Spirit (PMS), popularly known as petrol, and vowing to sanction operators found engaging in unfair market practices.
The Commission expressed concern over the continued high retail price of petrol despite recent improvements in global crude oil prices and local supply conditions, insisting that consumers should begin to benefit from changing market realities.
The warning comes amid growing public dissatisfaction over the cost of fuel, which has remained significantly high months after international oil prices stabilised and supply chain disruptions eased.
According to the FCCPC, the sharp increase in petrol prices witnessed earlier this year was largely driven by rising crude oil prices triggered by geopolitical tensions in the Gulf region between April and May. During the period, pump prices of petrol surged to between ₦1,350 and ₦1,500 per litre in many parts of Nigeria, while diesel prices climbed to almost ₦2,000 per litre.
The Commission recalled that before the market disruptions, petrol sold for between ₦800 and ₦900 per litre in February. However, despite relative stability returning to the international oil market and improvements in domestic supply, the average retail price of petrol has remained around ₦1,200 per litre nationwide.
The FCCPC noted that current pricing by some local refineries suggests there should be greater room for downward adjustments in retail pump prices. According to the Commission, several domestic refiners are presently selling petrol at gantry prices ranging between ₦1,025 and ₦1,075 per litre, a development that should ordinarily encourage more competitive pricing among marketers.
While acknowledging that the pricing of petroleum products is influenced by multiple economic variables, including foreign exchange rates, transportation costs, financing expenses, refining costs and distribution logistics, the Commission maintained that these factors do not justify arbitrary or exploitative pricing.
It stressed that the deregulation and liberalisation of Nigeria’s downstream petroleum sector do not grant marketers unrestricted freedom to impose excessive prices on consumers.
Speaking on behalf of the Commission, Mr. Bello emphasised that operators in the downstream petroleum industry remain bound by the provisions of the Federal Competition and Consumer Protection Act, regardless of the liberalised nature of the market.
He said market liberalisation must go hand in hand with fair competition and responsible business conduct, warning that the Commission would not hesitate to investigate any credible allegation of anti-competitive practices or consumer exploitation.
According to him, “Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment. Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action.”
The FCCPC further warned that any evidence of price fixing, collusion among marketers, cartel behaviour or other anti-competitive agreements designed to keep fuel prices artificially high would attract severe regulatory sanctions.
The Commission also called on Nigerians to play an active role in protecting consumer rights by reporting suspicious pricing patterns, misleading price claims and other unfair market practices through its official complaint channels.
Industry observers believe the Commission’s intervention could increase regulatory scrutiny in the downstream petroleum sector, particularly as Nigerians continue to grapple with the rising cost of living and demand greater transparency in fuel pricing.
The FCCPC reiterated its commitment to promoting fair competition, protecting consumers from exploitation and ensuring that the benefits of market liberalisation are reflected in competitive prices rather than excessive profit-taking at the expense of ordinary Nigerians.
FCCPC Warns Petrol Marketers Against Exploitative Pricing, Threatens Sanctions
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FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
The Federal Government has announced plans to train and attach 300 National Youth Service Corps members to compressed natural gas conversion centres across the country as part of efforts to equip young Nigerians with practical technical skills and promote the adoption of CNG-powered vehicles.
The initiative is expected to provide the selected corps members with specialised training in CNG vehicle conversion and maintenance, enabling them to acquire skills that could improve their employment and entrepreneurship prospects after completing their national service.
The Senior Special Assistant to the President on Youth Initiatives, Monitoring and Delivery, Dr Titilope Gbadamosi, disclosed the plan at the opening of a CNG Retrofitting Training Programme for corps members at the NYSC FCT Orientation Camp in Kubwa, Abuja.
Gbadamosi said the selected corps members would undergo training and certification as CNG technicians before being deployed to CNG conversion centres across the country.
She explained that the programme would cover the six geopolitical zones and was designed to contribute to the Federal Government’s broader plan to expand the conversion of petrol and diesel-powered vehicles to CNG.
According to her, the initiative is expected to support the government’s target of converting 100,000 vehicles to CNG annually, while simultaneously creating opportunities for young Nigerians to develop specialised technical expertise.
The programme is being implemented in collaboration with relevant government agencies and stakeholders in the automotive and energy sectors.
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The Minister of Youth Development, Ayodele Olawande, said the initiative would provide corps members with practical skills capable of complementing their university and polytechnic qualifications.
Olawande urged the beneficiaries to take the training seriously, describing technical and vocational skills as important tools for reducing youth unemployment and increasing self-reliance.
He said the Federal Government was interested in ensuring that the NYSC programme did not end with the traditional primary assignment and community development activities, but also provided corps members with skills that could sustain them after their service year.
The Director-General of the NYSC, Brigadier General Olakunle Nafiu, also described the programme as an important step towards equipping young Nigerians for emerging opportunities in Nigeria’s changing energy and automotive landscape.
He said the collaboration demonstrated the scheme’s commitment to providing corps members with practical skills and preparing them for the labour market.
The National Automotive Design and Development Council is also involved in the initiative, particularly in relation to technical standards and certification for the CNG conversion training.
The Federal Government has in recent years intensified efforts to promote CNG as a cheaper alternative fuel following the removal of petrol subsidy and the resulting increase in transportation costs.
The government has maintained that greater adoption of CNG could help reduce transportation costs, conserve foreign exchange spent on petroleum products and create new jobs in the automotive conversion and maintenance sector.
The training of NYSC members is therefore expected to address both sides of the policy — increasing the pool of skilled personnel available to service the growing CNG industry while providing young Nigerians with employable technical skills.
Meanwhile, reports circulating that each of the 300 corps members will receive a monthly training allowance of ₦100,000 have not been independently confirmed in the official details released on the programme.
The confirmed aspect of the initiative is that the selected corps members will receive specialised training and certification before being attached to CNG conversion centres across the country.
The programme is expected to serve as a pilot for broader youth-focused skills development initiatives as the Federal Government continues to seek ways of linking national service with employment, entrepreneurship and emerging economic opportunities.
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
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