FG Takes Action As Global Crude Oil Prices Fall

The Executive Vice Chairman of the commission, Tunji Bello, said this in a statement issued in Abuja on Tuesday, November 10, 2026, as the FCCPC monitored the continued decline in international crude oil prices.

Bello said the monitoring was aimed at ensuring that the gains in the international market were reflected in the prices consumers paid at filling stations.

He said the commission’s action followed public complaints and enquiries.

FCCPC expects petrol prices to fall as crude oil drops

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

He said petrol currently sells for 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

“Marketers of petroleum products often attribute the spike in prices in the last eight months to volatility in crude prices following the outbreak of the US-Iran conflict in the Middle East.

“If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high,” he said.

Bello said the commission was mindful of the difficulties that high petrol prices had caused consumers.

He assured Nigerians that the FCCPC would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor 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,” Bello said.