The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum refiners and marketers against maintaining high petrol and diesel prices despite the recent decline in international crude oil prices.

The Commission said Nigerians should begin to benefit from the reduction in global oil prices, insisting that refiners and marketers have no justification for keeping petroleum product prices elevated if their operating costs have declined.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, gave the warning in a statement issued on Tuesday, November 10, 2026, by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu.

Bello said the Commission was closely monitoring developments in the international oil market to ensure that reductions in crude oil prices translate into lower wholesale and retail prices of petroleum products in Nigeria.

According to the FCCPC, Brent crude, the international oil benchmark, which rose to about $115 per barrel in September, has fallen below $90 per barrel this week.

Despite the decline, petrol prices remain high across major Nigerian cities.

The Commission disclosed that petrol currently sells for between N1,405 and N1,420 per litre in Abuja, while consumers in Lagos pay between N1,325 and N1,370 per litre.

It compared the current prices with those recorded on February 27, before the outbreak of the conflict involving the United States, Israel and Iran, when Brent crude futures closed at $72.48 per barrel.

At the time, petrol sold for between N839 and N925 per litre in Lagos and Abuja.

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Petroleum marketers have attributed the sharp increase in fuel prices over the past eight months to fluctuations in international crude oil prices following the conflict in the Middle East and disruptions to shipments through the Strait of Hormuz, a major global oil transportation route.

However, Bello insisted that sustained reductions in crude oil prices should lead to corresponding decreases in the cost of refined petroleum products.

“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. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” he said.

The FCCPC chief acknowledged the financial difficulties Nigerians had experienced because of elevated fuel prices, noting that the Commission was determined to ensure that consumers were not denied the benefits of favourable movements in the international oil market.

He said the Commission would continue working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to monitor wholesale and retail prices across the petroleum supply chain.

Bello also warned that the FCCPC would take appropriate action against operators found engaging in anti-competitive practices or unfair market behaviour that prevented consumers from benefiting from lower production and supply costs.

“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,” he added.

The Commission’s intervention comes amid growing concerns over the impact of high petrol prices on transportation, food prices, manufacturing, household spending and the operating costs of businesses.

Although crude oil prices influence the cost of petroleum products, other factors, including refining expenses, foreign exchange rates, transportation, distribution, financing and inventory costs, also affect domestic pump prices.

The FCCPC’s position is that any sustained reduction in costs should be reflected in the market and that consumers should not be subjected to unfair pricing practices.

For millions of Nigerians struggling with high living costs, the major expectation is whether the latest decline in international crude oil prices will translate into meaningful reductions at filling stations.

Nigeria’s electricity generation has risen to 4,020.41 megawatts (MW), up from about 3,500MW, but the improvement has yet to translate into reliable power supply for households and businesses across the country.

The development comes amid growing frustration over prolonged power outages, particularly in Lagos and other states, despite assurances by the Minister of Power, Joseph Tegbe, that electricity supply would improve within 48 to 72 hours.

Data from the Nigerian Independent System Operator (NISO) showed that generation increased on Monday, November 9, 2026, following disruptions linked to maintenance at the Egbin Power Station, gas supply constraints and damage to critical transmission infrastructure.

The increase followed the Federal Government’s intervention to restore damaged transmission infrastructure and return affected generating units to operation. However, electricity consumers continued to report inadequate supply, highlighting the gap between improved generation figures and the actual amount of electricity reaching homes and businesses.

According to the reported figures, electricity generation reached a peak of 4,253.6MW on Sunday before standing at 4,020.41MW on Monday. The Afam VI power plant contributed the largest share at 519MW, followed by the Shiroro hydroelectric plant with 445MW and the Azura-Edo plant with 438MW.

However, the Egbin Power Station, which has an installed capacity of 1,320MW, was generating only 108MW at the time of the reported assessment.

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The combined electricity allocation to the 11 distribution companies (DisCos) stood at approximately 3,195MW by late Monday afternoon, with Abuja DisCo receiving 581MW, Ikeja Electric 467MW and Eko Electricity Distribution Company 458MW.

The Minister of Power, Joseph Tegbe, had earlier attributed the worsening electricity situation to planned maintenance at the Egbin Power Station, inadequate gas supply to some thermal power plants and the vandalism of critical transmission infrastructure.

In an update issued on Friday, November 6, Tegbe explained that maintenance activities and gas supply constraints had reduced the volume of electricity available on the national grid, forcing operators to introduce load shedding in some areas.

He also disclosed that the vandalism of key transmission lines had restricted alternative routes for delivering electricity, particularly to Lagos.

The minister subsequently apologised to Nigerians over the disruptions, acknowledging the difficulties experienced by households, businesses and public institutions.

He said the government was working with generating companies, the Transmission Company of Nigeria (TCN), NISO and electricity distribution companies to restore affected facilities and improve supply.

Tegbe had promised that the first affected generating units would return to operation within 48 to 72 hours, while repairs to damaged transmission infrastructure would be accelerated.

In a further update on Monday, the minister announced that the vandalised Benin-Egbin 330-kilovolt transmission line had been repaired and returned to service.

According to him, the restoration increased electricity supply to the Lagos electricity complex to more than 1,000MW, bringing it back to the level recorded before the disruption.

Tegbe said electricity had been restored to several previously affected areas in Lagos, Ogun, Oyo, Kwara and the Federal Capital Territory, although some locations were still awaiting full restoration.

He also disclosed that the government was working to repair another important transmission route, the Osogbo-Ikeja West 330kV line, which has reportedly remained out of service for about 18 months.

The line could deliver an additional 400MW to Lagos when restored. However, about six transmission towers along the route have been vandalised, making repairs difficult because of the swampy terrain.

The minister said the government expected the restoration work to be completed by the end of November.

Despite the recent disruptions, Tegbe has expressed confidence that Nigeria could achieve more stable electricity supply within the next three to five years.

He said the Federal Government was considering a proposed $2 billion east-west super grid designed to strengthen the country’s transmission infrastructure and increase its capacity to 19,000MW.

The proposed project is expected to connect several locations, including Funtua, Gwagwalada, Ikot Ekpene, Benin, Epe and Ilorin.

Tegbe said the government had commenced the procurement process and expected the project to improve the resilience of the national electricity network.

He also stressed the need to address longstanding infrastructure problems, noting that some electricity equipment was between 40 and 50 years old.

Meanwhile, he maintained that the government was working to improve electricity supply through better coordination among generation, transmission and distribution operators.

The latest development highlights the continuing challenges in Nigeria’s electricity sector, where improvements in generation do not automatically guarantee adequate supply to consumers because of limitations in transmission and distribution infrastructure.

For millions of Nigerians, the major concern remains whether the increased generation figures and government interventions will translate into more consistent electricity supply.