The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns over the slow reduction in fuel prices despite the recent fall in global crude oil prices, while also dismissing reports claiming it approved 48 new digital loan apps.
The commission said its market checks showed that petrol prices had not dropped significantly even though crude oil prices had fallen sharply in the international market. It noted that local refiners, depot operators, marketers and filling station owners had only made small price cuts, which it said did not reflect the drop in crude prices.
According to FCCPC, petrol prices across the country are still around N1,200 per litre, while some local refiners are selling fuel to marketers between N1,025 and N1,075 per litre.
The commission’s Executive Vice Chairman, Tunji Bello, said the development was concerning because fuel dealers usually increase prices quickly when crude oil prices rise but are slow to reduce prices when the market improves.
He explained that although the FCCPC does not set fuel prices, its responsibility is to ensure businesses compete fairly and consumers are not treated unfairly.
Bello said the deregulated petroleum market should benefit both businesses and consumers, adding that the commission would investigate any practice that harms competition or takes advantage of Nigerians.
The FCCPC’s concerns came after global crude prices dropped from about $120 per barrel during the Middle East crisis to around $73 per barrel following improved supply conditions.
The decline in crude prices has renewed public debate over why Nigerians have not seen a similar reduction in fuel prices. Many consumers have continued to question why price increases happen quickly while reductions take longer to reach the market.
Meanwhile, the commission has also denied reports that it approved 48 additional digital loan apps, bringing the number of licensed lenders in Nigeria to 505.
In a statement, the FCCPC described the report as false and said it had not issued any new licences under the Digital, Electronic, Online and Non Traditional Consumer Lending Regulations, 2025.
The commission said it was following an order from the Federal High Court stopping the implementation of the regulations until further proceedings.
It advised the public, businesses and media organisations to ignore claims about new approvals and rely only on information shared through its official channels.
The FCCPC had previously rejected similar reports linking it to approvals of digital lenders and fintech companies, maintaining that the lending regulations remain suspended due to the court order.
The commission reaffirmed its commitment to protecting consumers, ensuring fair business practices and providing accurate information about its activities.
