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.