Crude Oil Price Drop: FCCPC monitors petrol prices

The Federal Competition and Consumer Protection Commission (FCCPC) says it is monitoring the decline in international crude oil prices to ensure that the reduction is reflected in petrol prices at filling stations across Nigeria.

The Executive Vice Chairman and Chief Executive Officer of the commission, Tunji Bello, gave the assurance on Tuesday following public enquiries about the impact of falling crude prices on domestic fuel costs.

Latest market reports indicate that Brent crude futures have dropped from a peak of $115 per barrel in September to below $90 this week.

However, petrol currently sells for between N1,405 and N1,420 per litre in Abuja, while prices in Lagos rang...