By our reporter 28.6
As tension in the middle east eases off and global crude oil prices on downward slide, Nigerian petrol marketers are not moved to reduce prices of the commodity.
The Federal Competition and Consumer Protection Commission, FCCPC, has raised some dust on the exploitative posture of Nigerian oil marketers with their unfair petrol pricing.
Ondaje Ijagwu who is the FCCPC director of corporate affairs said in a statement on Sunday that Nigeria consumers are yet to benefit from the slide in global oil prices.
During the first days of the US, Iran conflict prices of petrol rose sharply to as much as N2000 per litre between April and May.
According to the Commission, petrol is still being sold at an average of N1,200 nationwide, with some local refiners fixing gantry prices between N1,025 and N1,075.
“The Federal Competition and Consumer Protection Commission, FCCPC, 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 statement said.
Also FCCPC vice chairman and chief executive officer, Tunji Bello, noted that marketers are quick to raise prices but are unmoved when situation of things improve.
“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.”