FCCPC Moves To Prevent Petrol Price Manipulation

The Federal Competition and Consumer Protection Commission (FCCPC) has begun monitoring fuel prices nationwide to ensure petrol marketers do not manipulate prices to the detriment of consumers.

Executive vice chairman and  chief executive officer of the Commission, Tunji Bello, disclosed this on Thursday while briefing State House correspondents during the Meet The Press session at the Presidential Villa, Abuja.

Bello said the Commission was closely tracking developments in the petroleum market, particularly the potential impact of the ongoing United States–Israel–Iran conflict on prices in Nigeria.

“Petrol price movements often have a ripple effect on the cost of other goods and services,” he said.

“We are presently monitoring the situation, the effect of the US, Israeli, Iran war as it affects prices in Nigeria. Petrol has far-reaching effects on some of the things we consume daily.”

The FCCPC boss explained that the Commission had deployed monitors to track developments and ensure that marketers do not exploit consumers.

“If somebody has reduced N100 or N200 from the price and you are still selling your own for V1,500 per litre or N1,100 per litre, we should be able to ask you why you are doing that,” Bello said.

He added that the Commission was collaborating with the Department of Petroleum Resources (DPR) to monitor the sector closely.

Bello also revealed that airlines found to have fixed ticket prices during the Christmas period may be required to refund passengers who paid inflated fares.

According to him, the Commission has already completed an investigation following complaints of sharp increases in ticket prices during the festive season.

He noted that ticket prices that were around N145,000 to N150,000 rose to between N500,000 and N700,000 during the period.

“We investigated the airlines during the Christmas period and found that they colluded to fix prices at that time,” Bello said.

He added that the Commission has issued a report on the investigation and is considering penalties.

“What we are also considering is asking them to refund the excess amounts to passengers, which we believe they exploited,” he said.

Bello, however, declined to name the airlines involved, noting that the final report will be released soon.

He also stated that electricity supply and financial technology services account for a significant share of consumer complaints nationwide.

Bello explained that electricity consumers often complain about metering issues, estimated billing, and inadequate power supply.

The Commission noted that many consumers on Band A tariffs, who are supposed to receive up to 20 hours of electricity supply daily, frequently complain about not receiving the promised service.

The Commission said it works to ensure that electricity distribution companies deliver the level of service tied to the tariffs they charge.

He further disclosed that complaints involving fintech companies are common, particularly regarding online transactions and loan services.

Between March and August 2025, the Commission resolved over 9,000 complaints, leading to the recovery of more than ₦10 billion for consumers.

The Commission urged Nigerians to lodge complaints formally rather than express frustrations privately.

“Nigerians sometimes grumble more than they complain. Once you complain, the system generates a code for your complaint, and we can begin to act on it,” Bello said.

The FCCPC added that it would continue engaging consumers, market associations, and regulators to address unfair practices and protect consumer rights across different sectors of the economy.