The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against exploitative pricing of petrol, saying it will not hesitate to sanction operators found engaging in unfair market practices.
The commission raised concerns over the continued high cost of Premium Motor Spirit (PMS), commonly known as petrol, despite recent adjustments in global crude oil prices and local supply conditions.
According to the FCCPC, while petrol prices surged sharply in recent months due to global market disruptions, marketers are expected to reflect any reduction in costs by adjusting pump prices accordingly.
During the height of tensions in the Gulf region between April and May, crude oil prices rose significantly, triggering a sharp increase in fuel prices across Nigeria. Petrol sold for between ₦1,350 and ₦1,500 per litre in several parts of the country, while diesel prices climbed to nearly ₦2,000 per litre.
Before that period, PMS sold for between ₦800 and ₦900 per
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