The Federal Competition and Consumer Protection Commission (FCCPC) has said it is closely monitoring the rising cost of fuel in Nigeria amid the ongoing United States–Israel conflict with Iran, warning businesses against exploiting the situation at the expense of consumers.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, disclosed this while briefing journalists at the State House in Abuja on Thursday.

Bello said the commission had deployed monitoring teams across the country to track the impact of global energy disruptions on petrol prices and other essential commodities.

According to him, the conflict in the Middle East has triggered volatility in global energy markets, which could influence domestic fuel prices and the cost of consumer goods in Nigeria.

“We are presently monitoring the situation as it affects prices in Nigeria because petrol has supply effects on many of the things we consume daily,” Bello said.

He warned that the commission would not tolerate unjustified price increases by businesses attempting to take advantage of the global situation.

“Our monitors are already outside monitoring developments. If suppliers reduce prices by ?100 or ?200 and some filling stations are still selling for ?1,500 per litre or higher, we will ask questions and take the necessary steps,” he added.

Bello noted that petrol prices have a ripple effect on many goods and services, including transportation and food, making it necessary for regulators to prevent exploitative practices.

He said the commission was also working closely with regulators in the petroleum sector to ensure compliance with prevailing price trends.

The FCCPC boss also revealed that the commission had completed investigations into the sharp increase in airline ticket prices during the 2025 Yuletide travel season.

According to him, investigations confirmed that at least six airlines exploited passengers during the festive period, and the commission will soon publish its final report.

“We have carried out a full investigation on the issue of airlines during the Yuletide period. The final report will be published soon, and where refunds are necessary, they will be demanded,” Bello said.

He added that sanctions could also be imposed where violations are confirmed.

Bello further disclosed that the telecommunications, financial technology and energy sectors account for the highest number of consumer complaints received by the commission.

He said many of the complaints relate to issues such as electricity supply disputes, digital lending platforms, telecom service charges and banking transactions.

“In major cities like Lagos, Abuja, Ibadan and Kaduna, most of the complaints we receive border on fintech, energy and telecom services, and also banks,” he said.

Electricity-related complaints, he explained, are particularly widespread due to issues such as estimated billing and disputes over service quality.

He said the commission was ensuring that electricity distribution companies deliver services promised under the band-based tariff system.

“Consumers placed on Band A expect at least 20 hours of electricity daily. If they are paying higher tariffs, they must receive value for their money,” he said.

Bello also revealed that between March and August 2025, the commission resolved more than 9,000 consumer complaints, leading to recoveries exceeding ?10 billion for affected Nigerians.

He said the commission receives over 25,000 complaints annually through multiple channels including online platforms, phone calls, petitions and social media.

Bello urged Nigerians to formally report consumer rights violations rather than merely complain informally.

“Many Nigerians grumble more than they complain. Effective regulatory action depends on documented complaints,” he said.

He encouraged consumers to file complaints through the commission’s digital platforms to enable prompt intervention.

The FCCPC boss also highlighted challenges in regulating Nigeria’s informal markets, where associations sometimes fix prices and restrict non-members from trading.

“A farmer comes from the village with produce and is told he cannot sell unless he registers with the association. Fixing prices like that is a criminal offence,” he said.

According to Bello, the commission is addressing such issues through stakeholder engagement, including radio campaigns in rural communities and regular meetings with market associations.

He also criticised legislative proposals seeking to remove the FCCPC’s authority to handle banking-related complaints, insisting that bank customers are also consumers.

“A bank customer is a consumer whether you like it or not,” he said, urging the National Assembly to retain the commission’s jurisdiction over financial sector complaints.

Bello said the FCCPC would continue strengthening enforcement, consumer education and market monitoring to ensure fairness in Nigeria’s marketplace. (AriseNews TV)

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