THE HALFAX HEIMDALL AUGUR

FCCPC Warns Fuel Marketers Against Unfair Pricing, Threatens... ABUJA, Nigeria — The Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against unfair pricing practices and urged operators to reflect recent cost reductions in pump prices, as petrol continues to sell for an average of ₦1,200 per litre across the country. Okay News reports that the Commission said fuel marketers and refiners moved quickly to increase prices when global crude oil prices surged during heightened tensions in the Gulf between April and May. During the period, petrol sold for between ₦1,350 and ₦1,500 per litre in many locations, while diesel prices climbed to as much as ₦2,000 per litre. The FCCPC noted that petrol had previously traded within the ₦800 to ₦900 range in February before the market disruptions. Although the Commission acknowledged that domestic fuel prices are influenced by factors such as foreign exchange rates, refining expenses, logistics, financing costs, and distribution charges, it stressed that any savings arising from lower costs should be passed on to consumers. The FCCPC warned that it would investigate and sanction any marketer found en…

Nigeria: Amid Drop in Global Crude Oil Price, FCCPC Warns Marketers ... Executive Vice Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, yesterday warned operators in the downstream petroleum sector against exploiting consumers by refusing to reflect the sharp decline in global crude oil prices in retail fuel prices. Bello said ongoing surveillance of the downstream petroleum market by the commission had revealed that reductions in gantry prices by local refiners, marketers, depot operators and retail outlet operators had been marginal and far below what current global crude oil prices should ordinarily justify. In a statement issued by FCCPC spokesman, Mr. Ondaje Ijagwu, he stressed that although the commission does not regulate or approve petroleum prices in the country's deregulated downstream market, it would not hesitate to investigate and sanction operators found to be engaging in anti-competitive, deceptive or exploitative practices in violation of the Federal Competition and Consumer Protection Act (FCCPA), 2018. Bello said, "To be clear, the Commission does not regulate or approve petroleum prices in a deregulate…

'We Are Concerned' - FCCPC Threatens To Sanction Marketers As Petrol ... Petrol Station The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concerns about the current price of petrol in filling stations across Nigeria. Naija News reports that the FCCPC, in a statement on Sunday, observed that marketers were quick to increase prices following the earlier spike in global crude oil prices. It recalled that petrol climbed from between ₦800 to ₦900 to between ₦1,350 and ₦1,500 per litre, while diesel sold for as high as ₦2,000 as hostilities intensified in the Gulf between April and May. It, however, noted that despite improved global affairs, petrol is still being sold at an average of ₦1,200 nationwide, with some local refiners fixing gantry prices between ₦1,025 and ₦1,075 despite the de-escalating tensions in the Middle East. The FCCPC warned that it won’t allow marketers to sell at unfair prices, as a review of the gantry prices of local refiners, marketers, depot operators, and retail outlet operators revealed token reductions that are not commensurate with the steep fall in global crude oil prices. The FCCPC Executive Vice Chairman and Chief Executiv…

FCCPC Warns Oil Marketers Against Exploiting Consumers As Crude ... The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over what it described as the exploitation of Nigerian consumers by players in the downstream petroleum sector, warning that it will investigate and sanction businesses found to be engaging in unfair pricing practices despite the sharp decline in global crude oil prices. The Commission on Sunday said findings from its ongoing surveillance of the downstream petroleum market revealed that reductions in gantry prices by local refiners, marketers, depot operators and retail outlet operators were merely token cuts that did not reflect the significant fall in international crude oil prices. Reacting to the findings, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, clarified that although the Commission does not regulate fuel prices in the deregulated market, it has the responsibility to ensure fair competition and protect consumers from exploitative practices. “To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the F…

FCCPC Warns Oil Marketers Against Exploiting Consumers As Crude Prices Fall, Vows Sanctions – Arise News https://www.europesays.com/3094654/ The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over what it described as the exploitation…

Nigeria: Oil Price Drop - FCCPC Warns Fuel Importers, Refiners, Others Against Exploiting Consumers [Leadership] The Federal Competition and Consumer Protection Commission (FCCPC) has warned refiners, importers, depot operators, marketers and retail outlet owners against exploiting consumers after finding only marginal reductions in the prices of petroleum products despite a sharp fall in global crude oil prices.

Sharp drop in global crude oil prices: FG questions slow reduction in ... The Federal Competition and Consumer Protection Commission has raised concerns over what it described as possible consumer exploitation in Nigeria’s downstream petroleum sector following the failure of fuel prices to decline significantly despite a sharp drop in global crude oil prices. The commission said its ongoing market surveillance showed that local refiners, depot operators, marketers and filling station owners had implemented only marginal reductions in fuel prices, a development it said was not commensurate with the steep decline in international crude oil prices. In a statement issued on Sunday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the commission said a review of prevailing gantry and retail prices suggested that consumers were yet to fully benefit from the easing in global oil prices. The statement read, “The Federal Competition and Consumer Protection Commission 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 oper…

Nigeria: FCCPC Warns Oil Marketers Against Profiteering As Crude Prices Fall [Vanguard] The Federal Competition and Consumer Protection Commission (FCCPC) has warned oil marketers against exploiting consumers, saying the current retail prices of petrol do not reflect the sharp decline in global crude oil prices.

Nigeria: Amid Drop in Global Crude Oil Price, FCCPC Warns Marketers Against Exploiting Consumers [This Day] Executive Vice Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, yesterday warned operators in the downstream petroleum sector against exploiting consumers by refusing to reflect the sharp decline in global crude oil prices in retail fuel prices.

FCCPC Threatens Nigeria's Fuel Marketers With Sanctions Over ... He questioned why marketers were quick to increase fuel prices when crude oil prices rose but slow to pass on the benefits of falling prices to consumers. The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over what it described as the exploitation of consumers by operators in Nigeria's downstream petroleum sector, warning that it will sanction businesses found engaging in unfair pricing practices. The commission disclosed this in a statement issued on Sunday by its Director of Corporate Affairs, Ondaje Ijagwu, following findings from its ongoing surveillance of the downstream oil market. According to the FCCPC, its review of gantry prices charged by local refiners, marketers, depot operators and retail outlets showed only marginal reductions despite a sharp decline in global crude oil prices. Reacting to the findings, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said the commission is not responsible for fixing petroleum prices but has a statutory duty to protect consumers and promote fair competition. "To be clear, the Commission does …

FCCPC threatens sanctions, warns marketers over petrol price cuts <img width="1440" height="960" src="https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2021/05/FCCPC-office-building.jpg?fit=1440%2C960&amp;ssl=1" class="webfeedsFeaturedVisual wp-post-image" alt="FCCPC Office Building" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="" decoding="async" srcset="https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2021/05/FCCPC-office-building.jpg?w=1440&amp;ssl=1 1440w, https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2021/05/FCCPC-office-building.jpg?resize=524%2C349&amp;ssl=1 524w, https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2021/05/FCCPC-office-building.jpg?resize=768%2C512&amp;ssl=1 768w, https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2021/05/FCCPC-office-building.jpg?resize=750%2C500&amp;ssl=1 750w, https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2021/05/FCCPC-office-building.jpg?resize=1140%2C760&amp;ssl=1 1140w" sizes="(max-width: 1440px) 100vw, 1440px" /><p>The agency says it is monitoring pricing trends in the downstream petroleum sector and will sanction businesses …