The Federal Competition and Consumer Protection Commission (FCCPC) has announced heightened monitoring of fuel prices and other essential goods in Nigeria in response to potential impacts from the ongoing United States-Israel-Iran conflict. The commission warned businesses against exploiting the situation to the detriment of Nigerian consumers.
Executive Vice Chairman and CEO of the FCCPC, Dr. Tunji Bello, said on Thursday during a State House briefing in Abuja that monitoring teams have been deployed nationwide to track fluctuations in petrol prices and related consumer goods. He stressed that petrol price changes have ripple effects across daily commodities and services, and unjustified increases would not be tolerated.
Bello explained that the commission is coordinating closely with regulators in the petroleum sector to ensure compliance with prevailing pricing trends. “If suppliers reduce prices by ₦100 or ₦200 and some filling stations are still selling for ₦1,500 per litre or higher, we will take action,” he said.
He also highlighted past investigations revealing consumer exploitation by airlines during the 2025 Yuletide travel season, noting that sanctions and refunds could result from the commission’s final report.
The FCCPC reported that the energy, financial technology, and telecommunications sectors generate the highest number of consumer complaints in Nigeria, particularly concerning electricity supply, digital lending, telecom service charges, and banking transactions. The commission is actively ensuring electricity distribution companies meet service standards under the band-based tariff system.
Between March and August 2025, the FCCPC resolved over 9,000 complaints, recovering more than ₦10 billion for consumers. Bello urged Nigerians to formally report consumer rights violations through official channels, stressing that informal complaints limit regulatory effectiveness.
He further highlighted challenges in regulating informal markets, where associations sometimes fix prices or block traders, and said the commission is using engagement and public awareness campaigns to address these issues. Bello also defended the FCCPC’s jurisdiction over banking complaints, urging lawmakers to maintain its authority to protect financial consumers.
The commission reaffirmed its commitment to enforcing consumer rights, educating the public, and monitoring market activities to ensure fairness in Nigeria’s economy.
