As oil prices continue to drop globally, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to petroleum marketers in Nigeria against taking advantage of consumers.
On Sunday, June 28th, the FCCPC cautioned operators in the downstream petroleum sector against refusing to pass on the benefits of reduced oil prices to Nigerian consumers. The commission emphasized that it would not tolerate any form of exploitation or price gouging during this period of global economic uncertainty.
“The FCCPC will not hesitate to sanction any marketers found to be exploiting consumers by refusing to adjust prices in line with the current realities of the global oil market,” said the commission’s spokesperson.
The warning comes as international crude oil prices have plummeted in recent months, with the COVID-19 pandemic significantly reducing global demand for fuel. However, many Nigerians have not yet seen the expected decrease in the prices of petroleum products at the domestic level.
The FCCPC has vowed to closely monitor the activities of fuel retailers across the country to ensure that they adjust their prices accordingly and provide Nigerians with fair and affordable access to essential petroleum products.
“Nigerian consumers deserve to benefit from the drop in global oil prices,” the spokesperson added. “We will not tolerate any attempts by marketers to exploit the situation and deny citizens the rightful relief they deserve.”
The commission has urged members of the public to report any cases of price manipulation or unfair practices to the FCCPC for immediate investigation and necessary action.
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