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FCCPC Monitors Petrol Prices as Global Crude Costs Fall

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Petrol

FCCPC monitors petrol prices as global crude costs fall, urging refiners and marketers to pass on sustained savings to Nigerian consumers

The Federal Competition and Consumer Protection Commission (FCCPC) says it is monitoring developments in the international crude oil market to ensure that falling prices translate into lower petrol and diesel costs for Nigerian consumers.

Also read: Reps Postpone Plenary Resumption to Wednesday, November 11

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 impact of declining crude prices on domestic fuel costs.

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

However, petrol prices remain relatively high across major Nigerian cities.

The FCCPC put average pump prices at between ₦1,405 and ₦1,420 per litre in Abuja, and between ₦1,325 and ₦1,370 in Lagos.

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The commission also compared current prices with those recorded before the outbreak of the conflict involving the United States, Israel and Iran. It said Brent crude futures closed at $72.48 per barrel on February 27, the day before the conflict began, while petrol sold for between ₦839 and ₦925 per litre in Lagos and Abuja around that period.

Petroleum marketers have attributed the increase in domestic fuel prices over the past eight months to volatility in international crude prices following the conflict and the reported blockade of the Strait of Hormuz, a major route for global oil shipments.

Bello said a sustained decline in crude prices should lead to lower costs across the petroleum supply chain, with the benefits eventually reflected at filling stations.

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“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 financial pressure that high fuel prices have placed on Nigerians, adding that the commission would work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant government agencies to monitor wholesale and retail prices.

He warned that the commission would act where evidence of anti-competitive conduct or unfair practices showed that consumers were being prevented from benefiting from lower costs.

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“Where there is evidence of anti-competitive conduct or unfair practices that prevent consumers from benefiting from lower costs, we will take appropriate action within our mandate,” Bello said.

Also read: Reps Postpone Plenary Resumption to Wednesday, November 11

The commission’s position signals closer scrutiny of how changes in international crude prices affect domestic fuel costs, although it did not announce a specific deadline for price reductions or a new pump-price directive.

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Lagos Moves to Introduce Compulsory Certification for Artisans

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The Lagos State Government is advancing plans to introduce a formal registration and certification system for artisans and craftsmen through a proposed regulatory board aimed at improving professional standards and protecting consumers.

The development follows the adoption of a report on the Lagos State Artisans and Craftsmen Regulatory Board Bill by the Lagos State House of Assembly on Monday.

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The bill seeks to establish a regulatory framework for the registration, training, certification and professional conduct of artisans operating across the state.

Following the adoption of the committee’s report, the Speaker of the House, Mudashiru Obasa, directed the Clerk, Adenike Oshinowo, to forward a clean copy of the proposed legislation to Governor Babajide Sanwo-Olu for assent.

The proposed board is expected to oversee the certification of practitioners, maintain a register of qualified artisans and establish standards to ensure that individuals offering specialised services possess the necessary skills and competence.

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Presenting the committee’s report, the Chairman of the House Committee on Commerce, Industry and Cooperatives, Abiodun Tobun, said the growing size and diversity of the artisan sector made it necessary to establish an effective regulatory structure.

He explained that the legislation was designed to promote professionalism, safety and accountability while protecting residents from unqualified practitioners and substandard workmanship.

Under the proposed arrangement, the board would also collaborate with the Lagos State Vocational and Technical Education Board, vocational institutions and other government agencies to provide continuing education, refresher courses and skills-upgrading programmes.

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The framework is expected to cover different categories of artisans and craftsmen, including professionals involved in construction, repairs, technical services and other skilled trades.

Beyond certification, the proposed legislation also seeks to improve the economic prospects of registered practitioners by facilitating their access to government funding, financial assistance and other support programmes.

According to Tobun, the initiative would enable artisans to acquire modern tools and equipment, expand their businesses and improve their professional skills.

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The committee also recommended that the board’s General Manager be appointed by the governor on the recommendation of the relevant commissioner, subject to confirmation by the House of Assembly.

It further proposed that foreign nationals with relevant training, qualifications or practical experience acquired outside Nigeria should be eligible to apply for registration.

The proposed legislation followed earlier deliberations and a public hearing at which stakeholders called for a regulatory framework that would protect both artisans and their customers.

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The Managing Director of Ibile Metropolitan Project, Deji Okunubi, had urged lawmakers to ensure that the framework accommodated different trades, including mechanics, welders and hairdressers.

He also stressed the need for a system that would provide protection for artisans against unfair treatment while giving consumers a means of seeking redress over poor services.

The bill is part of broader efforts to formalise Lagos State’s informal economy and improve accountability among service providers.

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However, the proposed certification system is yet to take effect, as the legislation must first receive the governor’s assent before the regulatory board can be established under the law.

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