The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over what it described as possible consumer exploitation in Nigeria’s downstream petroleum sector following the failure of fuel prices to decline significantly despite a sharp drop in global crude oil prices.

The commission said its ongoing market surveillance showed that local refiners, depot operators, marketers and filling station owners had implemented only marginal reductions in fuel prices, a development it said was not commensurate with the steep decline in international crude oil prices.

In a statement issued  yesterday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the commission said a review of prevailing gantry and retail prices suggested that consumers were yet to fully benefit from the easing in global oil prices.

The statement read, “The Federal Competition and Consumer Protection Commission 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 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.”

The commission’s concerns come amid a sharp reversal in global oil prices following a ceasefire agreement between the United States and Iran and the reopening of the Strait of Hormuz, a major global oil shipping route.

The Tide reports that the price of petrol has remained high even as crude oil prices fell to about $73 per barrel last Wednesday, their lowest level since the US-Iran conflict began in February.

Crude oil prices, which had climbed to about $120 per barrel in April amid fears of supply disruptions arising from the Middle East crisis, have since fallen to around $73 per barrel, returning to levels last seen in February.

The earlier surge in crude prices triggered immediate increases in local fuel prices, with petrol selling for between N1,350 and N1,500 per litre in several parts of the country, while diesel prices climbed to about N2,000 per litre.

In February, however, petrol sold for between N800 and N900 per litre.

Despite the significant decline in crude oil prices, the commission noted that petrol is still being sold at an average of about N1,200 per litre across the country, while some local refiners currently have gantry prices ranging from N1,025 to N1,075 per litre.

Although the FCCPC acknowledged that domestic fuel prices are influenced by several commercial factors, including foreign exchange fluctuations, logistics costs, financing expenses, refining costs and distribution charges, it maintained that competitive market forces should ordinarily have led to more substantial reductions in pump prices.

Bello said, “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.”

He urged Nigerians to continue reporting suspected cases of anti-competitive conduct, price manipulation and other unfair market practices through the commission’s complaint channels.

The FCCPC’s concerns are likely to reignite debate over the effectiveness of the deregulated petroleum market, with many consumers and industry stakeholders questioning why reductions in international crude oil prices have not translated into proportionate declines at the pumps.

Since the removal of fuel subsidy and the full deregulation of the downstream sector, fuel prices in Nigeria have become increasingly tied to movements in global crude oil prices and exchange rate fluctuations.

However, consumer groups have repeatedly accused marketers of implementing price increases almost immediately while delaying price reductions whenever market conditions improve.

The FCCPC said its warning signalled possible regulatory scrutiny of pricing practices in the sector as pressure mounts on operators to ensure that the gains from lower crude oil prices are passed on to consumers.

The All Progressives Congress (APC) has disowned the purported official list of successful candidates from its recently-held primaries in circulation, describing it as fake and unauthorised.

The party’s National Publicity Secretary, Mr Felix Morka, in a statement yesterday in Abuja, said the party had not released any official list of winners of its primaries.

“The APC hereby informs the general public that it has not released the official list of successful candidates from its recently-conducted primaries,” he said.

Morka called on members, stakeholders and the general public to disregard any publication or report announcing the outcome of the primaries.

According to him, successful candidates will be duly notified through the party’s official channels and certificates of return will thereafter be issued in accordance with established procedures.

The APC spokesperson urged the public to rely only on official communications from the party.

The Independent National Electoral Commission (INEC) has opened its window for political parties to upload the names of candidates emerging from primaries ahead of the 2027 general elections.

While APC said the original list of its successful candidates at the primaries had not been officially made public, sources within the party confirmed that internal collation and verification processes are already ongoing pending the release of the list to the public.

The National Drug Law Enforcement Agency (NDLEA) has intercepted 4,959 kilograms of Canadian Loud cannabis valued at N12.397bn at the Apapa Port in Lagos and dismantled a syndicate that plants illicit drugs in the luggage of unsuspecting passengers at motor parks.

The agency also arrested a businesswoman at the Murtala Muhammed International Airport, Lagos, with 7.5 kilograms of cocaine concealed in the false bottom of her luggage while she was travelling to Beijing, China.

NDLEA disclosed the arrests and seizures in a statement released yesterday by its Director of Media and Advocacy, Femi Babafemi.

According to the agency, 38-year-old Iwebema Ogechi Peace was arrested at the departure hall of Terminal 2 of the Lagos airport on June 21 following credible intelligence.

The statement said, “A search of her check-in luggage led to the discovery of four large parcels of cocaine concealed in false bottom professionally created in her bag. The parcels of the Class A drug found hidden in the bag have a combined weight of 7.5 kilograms.”

The agency said operatives had tracked the container carrying the Canadian Loud shipment for over four weeks before intercepting it during a joint examination with officers of the Nigeria Customs Service and other security agencies at the Apapa Port on June 23.

It stated, “A total of 4,959 kilograms of the illicit drug consignment worth N12,397,500,000 in street value was recovered.”

NDLEA said the 40-foot container, which also contained a Ford and Nissan vehicle, had been under surveillance since April 25, when it departed Toronto, Canada, before passing through Montreal and Morocco and eventually arriving in Lagos.

The agency also announced the dismantling of a drug syndicate that secretly plants narcotics in the luggage of unsuspecting passengers travelling by road.

The operation followed the interception of a Sienna bus travelling from Nnewi, Anambra State, to Abuja, where operatives recovered a package of methamphetamine weighing 467.7 grams concealed inside a passenger’s luggage.

According to the statement, the supposed receiver of the package, Gloria Peter, denied ownership of the drugs, prompting investigators to arrest the bus loaders in Nnewi.

“The loaders revealed that the drug package was put into the woman’s bag by one of them on the directive of the driver of the bus, Abdurrazak Isah.

“His revelations made the driver open up and mention one of his passengers, Onyebuchi Victor Okoye, as the actual owner of the drug. Onyebuchi was then picked up at Utako, FCT, during another follow-up operation,” the statement said.

In another operation, NDLEA operatives arrested 57-year-old Ikechukwu Uwakwe at Iddo Motor Park in Lagos with 209.5 kilograms of Scottish Loud cannabis allegedly being transported to Enugu.

The agency also arrested two nationals of the Benin Republic, Hossou Tito Julien, 30, and Mancellim Dossou, 19, alongside a Nigerian, Jackson ThankGod, after intercepting a truck conveying illicit drugs from Togo through the Benin Republic.

“A thorough search of the truck led to the recovery of 558,900 pills of Tramadol 250mg concealed in a fabricated compartment of the vehicle,” the statement said.

Similarly, two suspects, Lucky Abonga and Osas Azamobo, were arrested along the Lagos-Ibadan Expressway while transporting 118 kilograms of skunk concealed among legitimate goods in a truck heading to Onitsha, Anambra State.

In Amukoko, Lagos, NDLEA operatives arrested Helen Ese Idiji, 40, and Rashidat Sa’adullah, 53, with 28.8 kilograms of skunk.

The agency said investigations revealed that Helen used Rashidat’s residence as a storage point for illicit drugs before distributing them to customers.

Commending the officers involved in the operations, the Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (retd.), praised the commands for sustaining the agency’s offensive against drug trafficking.

Marwa said the officers had maintained “their drug supply reduction efforts balanced with WADA sensitisation activities,” and urged them “not to rest on their oars.”