The Federal Competition and Consumer Protection Commission (FCCPC) has intensified its monitoring of petrol prices following a decline in international crude oil prices, saying Nigerian consumers should benefit if the downward trend is sustained.

The commission’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, gave the assurance on Tuesday, November 10, 2026, following public enquiries about the relationship between falling crude prices and domestic fuel costs.

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

Despite the decline, petrol prices remain high in major Nigerian cities. The FCCPC said the average pump price ranges from ₦1,405 to ₦1,420 per litre in Abuja and between ₦1,325 and ₦1,370 in Lagos.

The commission compared these figures with prices recorded before the conflict involving the United States, Israel and Iran began.

On February 27, Brent crude futures closed at $72.48 per barrel, while petrol sold for between ₦839 and ₦925 per litre in Lagos and Abuja around that period.

Petroleum marketers have frequently attributed the increase in fuel prices over the past eight months to volatility in the international crude market following the outbreak of the conflict and the reported blockade of the Strait of Hormuz, a strategic shipping route responsible for at least 25 per cent of global oil traffic, according to the commission’s statement.

Bello said refiners and marketers should not maintain relatively high petrol and diesel prices if the decline in crude costs continues.

“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. We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay,” he said.

The FCCPC chief acknowledged the difficulties that elevated fuel prices have caused Nigerians and said the commission would continue working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail prices.

He added that the commission would take appropriate action within its mandate where evidence showed that anti-competitive behaviour or unfair market practices were preventing consumers from benefiting from lower costs.

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The commission’s intervention places renewed attention on how changes in international crude prices are reflected in domestic fuel prices, particularly as households and businesses continue to contend with high energy and transport costs.