Federal Competition and Consumer Protection Commission (FCCPC) has initiated nationwide monitoring of petrol prices to curb manipulation by marketers amid global tensions involving the US, Israel, and Iran.
Executive Vice Chairman/CEO Tunji Bello announced this Thursday during the March Meet the Press briefing at the Presidential Villa, Abuja, stressing the ripple effects of fuel hikes on food and daily essentials.
“We are monitoring the US-Israel-Iran conflict’s impact on Nigerian prices. Petrol influences everything we consume,” Bello said, deploying monitors to challenge discrepancies where rivals cut prices by N100-N200 per litre yet others persist at N1,100-N1,500.
FCCPC is partnering with the Department of Petroleum Resources (DPR) to ensure compliance, vowing sanctions against exploiters.
Bello revealed five to six airlines face directives to refund excess charges after FCCPC’s investigation into Christmas price surges—from N145,000-N150,000 to N500,000-N700,000 per ticket.
“We found collusion during the festive season,” he stated, confirming a report issuance with penalties and refunds under consideration, though names remain undisclosed pending finalisation.
Energy, fintech, and telecoms dominate grievances, with electricity users protesting metering, estimated billing, and subpar Band A supply (promised 20 hours daily).
FCCPC enforces tariff-service parity for distribution companies, while addressing fintech issues in online transactions and loans.
From March to August 2025, the Commission resolved over 9,000 complaints, recovering more than N10 billion for consumers.
Bello urged formal complaints over private grumbles: “Once you complain, we generate a code and act.”
FCCPC pledged sustained engagement with consumers, associations, and regulators to combat unfair practices across sectors, bolstering rights protection.
