Global crude oil prices have fallen to around $70 per barrel, fueling renewed expectations that petrol prices in Nigeria could soon decline. However, marketers have continued to maintain pump prices above ₦1,200 per litre despite the sustained drop in international oil prices.

Brent crude, the global benchmark, slipped to approximately $70 per barrel on Thursday morning, down from about $71 at Wednesday's close. The decline reflects concerns over slowing global demand, easing geopolitical tensions in some oil-producing regions and expectations of increased supply from major oil-producing countries.

Under Nigeria's deregulated downstream petroleum market, fluctuations in global crude oil prices are expected to influence the cost of refined petroleum products. The latest decline has therefore intensified calls from consumers for a corresponding reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

Despite the downward trend in crude prices over recent weeks, petrol continues to sell for more than ₦1,200 per litre in Lagos and nearly ₦1,300 per litre in several other parts of the country.

The Federal Government, through the Ministry of Petroleum Resources and the Federal Competition and Consumer Protection Commission (FCCPC), has previously urged marketers to adjust pump prices in line with the decline in crude oil prices.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, clarified that the commission has no authority to regulate or approve petroleum prices under Nigeria's deregulated downstream market.

"To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices," Bello said.

He expressed concern that while marketers typically raise petrol prices quickly whenever global crude oil prices increase, consumers have yet to benefit from comparable price reductions following the recent decline in international oil prices.

"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," he added.

The FCCPC's position has, however, drawn resistance from petroleum marketers, who have rejected threats of sanctions and warned they could embark on industrial action.

As of Thursday, with Brent crude trading around $70 per barrel—below levels recorded before the recent geopolitical tensions—petrol prices across Nigeria remained largely unchanged, leaving many consumers questioning why the benefits of lower global oil prices have yet to be reflected at filling stations.