Crude Falls to $70, but Nigerian Petrol Prices Hold Steady

Global crude oil prices have slipped to about $70 a barrel, but petrol pump prices in Nigeria remain unchanged despite calls for a reduction. 

Brent crude, the international benchmark, fell to $70 on Thursday, down from $71 on Wednesday. The decline reflects weaker demand expectations, easing geopolitical tensions in some producing regions and forecasts of higher supply from major producers, analysts said. 

Under Nigeria’s deregulated downstream market, retail fuel prices are expected to respond to global crude movements. Premium Motor Spirit, PMS, still sells for more than N1,200 per litre in Lagos and nearly N1,300 elsewhere as of press time. 

The Federal Competition and Consumer Protection Commission, FCCPC, said it does not set fuel prices. Executive Vice Chairman Tunji Bello said the commission’s role under the Federal Competition and Consumer Protection Act, 2018, is to promote competition and protect consumers from unfair practices. 

“We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions,” Bello said. 

Marketers have opposed threats of sanctions and warned of a possible strike. The Ministry of Petroleum had urged a review of pump prices following the drop in crude.