The Federal Competition and Consumer Protection Commission (FCCPC) has assured Nigerians that it is monitoring the recent decline in international crude oil prices to ensure that the reduction translates into lower petrol prices at filling stations across the country.
The Commission gave the assurance on Tuesday, November 10, 2026, through its Executive Vice Chairman and Chief Executive Officer, Tunji Bello, following growing public concerns over the high cost of petrol despite the recent fall in global oil prices.
According to the Commission, Brent crude futures, which reportedly climbed to about $115 per barrel in September, have now dropped below $90 per barrel, raising expectations that the development could bring some relief to Nigerian motorists and businesses.
However, petrol prices remain relatively high, averaging between ₦1,405 and ₦1,420 per litre in Abuja, while prices in Lagos range between ₦1,325 and ₦1,370 per litre, depending on the filling station.
Bello noted that if the decline in crude oil prices is sustained, refiners and petroleum marketers should not continue to maintain high prices for petrol and diesel. He stressed that reductions in wholesale costs should be passed on to consumers without unnecessary delays.
The FCCPC also disclosed that it would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant government agencies to monitor wholesale and retail petroleum prices.
The Commission warned that it would take appropriate action where evidence of anti-competitive behaviour or unfair business practices is found to be preventing Nigerians from benefiting from lower market costs.
Although the development has raised hopes of cheaper petrol, the FCCPC’s statement does not amount to an immediate reduction in pump prices. Nigerians will be watching to see whether the fall in global crude oil prices leads to meaningful relief at filling stations in the coming days.
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