Crude Oil Prices Fall, FCCPC Reveals What Must Happen To Petrol Prices

According to a report by Independent on Tuesday 10 November 2026, the Federal Competition and Consumer Protection Commission (FCCPC) has stepped up its monitoring of petrol prices following a decline in international crude oil prices, urging refiners and petroleum marketers to reflect the reduction in the prices paid by Nigerian consumers.

The Commission’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, gave the assurance on Tuesday amid growing concerns over the continued increase in domestic fuel prices despite the recent drop in global crude oil costs.

Brent crude futures, which reportedly climbed to about $115 per barrel in September, have now fallen below $90, raising hopes that petrol prices could reduce in the coming weeks.

However, Nigerians are still paying between ₦1,405 and ₦1,420 per litre for petrol in Abuja, while prices in Lagos range from ₦1,325 to ₦1,370 per litre.

Bello recalled that before the outbreak of the conflict involving the United States, Israel and Iran, Brent crude traded at $72.48 per barrel on February 27; At the time, petrol prices ranged between ₦839 and ₦925 per litre in Lagos and Abuja.

Petroleum marketers have attributed the sharp increase in fuel prices over the past eight months to fluctuations in international crude oil prices following the Middle East conflict and disruptions around the Strait of Hormuz.

Reacting to the situation, the FCCPC chief executive maintained that a sustained decline in crude oil prices should result in reduced costs throughout the petroleum supply chain.

He insisted that refiners and marketers had no justification for maintaining high petrol and diesel prices if their production and supply costs had dropped.

According to Bello, the Commission expects lower wholesale costs to translate into cheaper petrol at filling stations without unnecessary delays.

He also acknowledged the economic difficulties Nigerians have experienced due to persistently high fuel prices, adding that the FCCPC would continue working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant agencies to monitor the market.

Bello warned that the Commission would take appropriate action against refiners or marketers found engaging in anti-competitive practices or unfair conduct capable of preventing consumers from benefiting from falling crude oil prices.

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