The Federal Competition and Consumer Protection Commission (FCCPC) says it expects wholesale petrol costs to ease and to affect pump prices for consumers without undue delay.

Tunji Bello, FCCPC’s executive vice-chairman, said in a statement on Tuesday that the agency was closely monitoring the continued drop in crude prices in the international market.

Mr Bello said the monitoring was to ensure that market gains were reflected in what citizens paid at filling stations. He said the commission’s monitoring followed public complaints and enquiries.

According to him, the latest reports indicate that Brent futures have fallen from a peak of $115 in September to below $90 this week in the international market.

”In the country today, petrol prices average between N1,405 and N1,420 per litre in Abuja and between N1,325 and N1,370 in Lagos.

”On 27 February, the day before the war involving the United States, Israel and Iran began, Brent crude futures closed at $72.48 per barrel. Around that time, petrol sold for between N839 and N925 per litre at filling stations in Lagos and Abuja,” he stated.

Mr Bello said the commission was mindful of the difficulties the high pump price of fuel had caused citizens.

He assured citizens that the commission would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to track wholesale and retail petrol prices.

”Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” Mr Bello said.

(NAN)