The Federal Competition and Consumer Protection Commission (FCCPC) has warned oil marketers against exploitation, saying the current petrol pump prices do not match the global crude cost reduction.
The FCCPC, in a statement on Sunday, said findings from its ongoing surveillance of the downstream petroleum market suggest undue exploitation of consumers.
The commission said its 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 agency said following a ceasefire accord between the United States (US) and Iran two weeks ago and the reopening of the Straits of Hormuz, crude prices have fallen to $73, a sharp drop from the peak of $120 per barrel in April.
According to the agency, crude prices have since returned to the February
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