The Federal Competition and Consumer Protection Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority have signed an agreement to promote transparency, competition and consumer protection in Nigeria’s petroleum sector.
The Executive Vice Chairman of the FCCPC, Tunji Bello, disclosed this at the signing ceremony in Abuja on Thursday.
Bello said the partnership would enable both agencies to share information, improve market intelligence and coordinate enforcement in areas covered by their respective mandates.
He said effective regulation required cooperation between government agencies, adding that the agreement would help strengthen confidence in the petroleum sector.
According to him, competitive and transparent markets would benefit businesses that comply with regulations and serve consumers fairly, while helping to curb exploitative practices.
“For Nigerian consumers, our welfare remains at the centre of the FCCPC’s work.
“Consumers are encouraged to continue to report suspected violations through the operating channels available at both FCCPC and NMDPRA,” Bello said.
Bello also clarified that the FCCPC does not regulate or approve petroleum prices in the deregulated downstream market.
“As the FCCPC has consistently stated, it does not regulate or approve petroleum prices in a deregulated downstream market.
“It ensures that market outcomes are driven by fair competition rather than collusion, innovation rather than dominance, and consumer choice rather than exploitation,” Bello said.
He said the commission’s role was to ensure that market outcomes were driven by fair competition and consumer choice rather than collusion, market dominance and exploitation.
Bello described the petroleum industry as one of the most important sectors of the economy because of its impact on transportation, food prices, manufacturing and the daily lives of Nigerians.
He said improved regulation and transparency would help protect consumers while encouraging investment in the sector.
The Chief Executive of NMDPRA, Rabiu Umar, said the agreement would promote competitive markets, consumer protection and transparency across the energy value chain.
Umar said the Petroleum Industry Act 2021 and the Federal Competition and Consumer Protection Act 2018 required both agencies to work together on monitoring and enforcing compliance with relevant laws.
He said the regulators would focus on issues including accurate product metering, fuel quality, collusive pricing, product withholding and anti-competitive market allocation.
“Importantly, our focus on consumer and market protection extends across the entire value chain, from refining to processing, whether it is liquid fuels or gas, to transportation and bulk storage.
“It extends right down to wholesale distribution and the retail prices at the pumps as well.
“And in an evolving deregulated market structure, deregulation must never be equated with the absence of oversight,” he said.
NAN
