Story perspectives

FCCPC Probes Fuel Prices as Crude Drops to $73

6/30/2026

Summary

FCCPC Warns

Federal Competition and Consumer Protection Commission (FCCPC) warned fuel prices have not fallen despite a sharp drop in crude oil prices.
Crude oil fell from $120 per barrel in April to $73 after a U.S.–Iran ceasefire and reopening of the Strait of Hormuz.
FCCPC Director Ondaje Ijagwu said the commission will investigate anti-competitive conduct after petrol hovered around N1,200 per litre and refiners set gantry prices between N1,025 and N1,075.

Summary

Trump Orders Probe

On June 25, Dangote refinery cut its petrol price to N1,125 per litre, from N1,175.
On June 26, Brent crude fell to $72.97 per barrel, lowest since February 2026.
President Donald Trump accused U.S. oil firms of price-gouging and ordered Justice Department to open a probe of marketers.
The Federal Competition and Consumer Protection Commission (FCCPC) said it will sanction profiteers exploiting consumers amid the price decline, noting liberalisation does not excuse competition.

History

Historical Context

After OAPEC’s October 1973 oil embargo—led by Saudi Arabia and pushing crude from $3 to $12 a barrel—industrial nations created agencies to curb price spikes. Nigeria’s FCCPC now probes gasoline gouging, while Dangote Refinery’s cut to N1,125 per litre follows Brent’s dip to $72.97, echoing the 1973 lesson that coordinated regulation can temper market volatility.

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FCCPC Warns

Federal Competition and Consumer Protection Commission (FCCPC) warned fuel prices have not fallen despite a sharp drop in crude oil prices.
Crude oil fell from $120 per barrel in April to $73 after a U.S.–Iran ceasefire and reopening of the Strait of Hormuz.
FCCPC Director Ondaje Ijagwu said the commission will investigate anti-competitive conduct after petrol hovered around N1,200 per litre and refiners set gantry prices between N1,025 and N1,075.

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