The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns regarding the escalating fuel prices in Nigeria resulting from the ongoing armed conflict between the United States and Iran. The agency cautioned businesses to refrain from exploiting these circumstances at the detriment of consumers.
During a press briefing at the State House in Abuja on Thursday, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, outlined that monitoring teams have been dispatched nationwide to assess the effects of global energy instabilities on the prices of petrol and other vital commodities.
Bello pointed out that ongoing conflicts in the Middle East are causing fluctuations in international energy markets, which may affect domestic fuel prices and the overall cost of consumer goods in Nigeria. He remarked, "We are currently tracking how these developments influence prices within Nigeria because petrol prices impact many essential goods that we rely on daily."
He emphatically stated that the FCCPC would not tolerate any unjustifiable increases in prices by businesses looking to benefit from the current global situation.
“Our monitoring teams are actively observing the situation. If suppliers drop prices by ₦100 or ₦200, and certain petrol stations remain at ₦1,500 per litre or more, we will intervene and take necessary action,” he declared.
Bello further elaborated that fluctuations in petrol costs have a cascading effect on various goods and services, particularly in transportation and food supply, thereby necessitating regulatory measures to curb exploitative practices.
Additionally, he mentioned that the Commission is collaborating closely with the relevant petroleum regulators to ensure adherence to current pricing standards.
Furthermore, Bello revealed that the commission's investigations into the significant increase in airline ticket rates during the 2025 festive season have been concluded.
The findings confirmed that several airlines took advantage of travelers during this period, and the commission plans to release a detailed report soon. “We have completed our inquiry regarding airline pricing during the Yuletide season. The final report will be made public shortly, and if refunds are warranted, they will be demanded,” he said.
He added that sanctions could be imposed where violations are substantiated.
Bello mentioned that the telecommunications, fintech, and energy sectors are the primary sources of consumer complaints received by the FCCPC.
He specified that numerous complaints relate to disputes over electricity supply, digital lending practices, telecom service charges, and banking processes. “In metropolitan areas such as Lagos, Abuja, Ibadan, and Kaduna, the majority of complaints revolve around fintech issues, energy, and telecom services,
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