The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have signed a pact to promote transparency and fair competition within Nigeria’s petroleum sector. 

Speaking at the signing ceremony in Abuja on Thursday, FCCPC Executive Vice Chairman and Chief Executive Officer Tunji Bello said both agencies would work to protect consumers and promote competition.

Mr Bello ‌⁠‍‍⁠⁠‌‍‍⁠‍‌‍‍‌‌said the partnership would strengthen confidence in the petroleum sector while contributing to sustainable economic growth through improved regulation, market transparency, consumer protection and coordinated enforcement activities nationwide.

He said the agreement reflected a shared understanding that effective marketplace regulation required cooperation, coordination, and a common focus on the national interest.

Mr Bello said the agencies would deepen information sharing, enhance market intelligence, coordinate enforcement activities and establish clear mechanisms for collaboration on matters intersecting with their respective regulatory mandates.

He said competitive and transparent markets ultimately benefit responsible businesses that innovate, invest, comply with regulations, and serve consumers fairly, while discouraging exploitative practices across the sector.

“For Nigerian consumers, our welfare remains at the centre of the FCCPC’s work. Consumers are encouraged to continue to report suspected violations through the operating channels available at both FCCPC and NMDPRA.

“As the FCCPC has consistently stated, it does not regulate or approve petroleum prices in a deregulated downstream market.

“It ensures that market outcomes are driven by fair competition rather than collusion, innovation rather than dominance, and consumer choice rather than exploitation,” Mr Bello said.

He said that the petroleum sector was one of the most strategically important sectors of the economy, affecting transportation, food prices, manufacturing and citizens’ daily lives.

Mr Bello emphasised the need for the sector to operate efficiently, competitively and transparently to protect consumers while encouraging investment and fostering sustainable economic development.

Rabiu Umar, chief executive of NMDPRA, said the agreement was designed to promote competitive markets, protect consumers and ensure transparency throughout the energy value chain.

Mr Umar said both the Petroleum Industry Act (PIA) 2021 and the Federal Competition and Consumer Protection Act (FCCPA) 2018 obligated the agencies to work together to define, monitor and enforce compliance with the law.

According to him, the agencies were committed to safeguarding the entire ecosystem against exploitative practices, ensuring accurate product metering, maintaining fuel quality and enforcing zero tolerance for collusive pricing.

He said the agencies would also tackle product withholding and anti-competitive market allocation practices to ensure consumers received fair value throughout the petroleum value chain.

“Importantly, our focus on consumer and market protection extends across the entire value chain, from refining to processing, whether it is liquid fuels or gas, to transportation and bulk storage.

“It extends right down to wholesale distribution and the retail prices at the pumps as well.

“And in an evolving deregulated market structure, deregulation must never be equated with the absence of oversight,” he said.

(NAN)