The Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have signed a Memorandum of Understanding to check cartel behaviour, price fixing and other anti-competitive practices in Nigeria’s petroleum sector.

The Executive Vice Chairman of the FCCPC, Tunji Bello, disclosed this at the signing of a collaborative agreement between the commission and NMDPRA in Abuja

Bello said the agreement would deepen institutional cooperation, enhance consumer protection and strengthen confidence in the petroleum market.

He said the petroleum sector remained strategically important to the Nigerian economy, affecting transportation, food prices, manufacturing and the daily lives of millions of Nigerians.

According to him, it is therefore essential that the sector operates efficiently, competitively and transparently to protect consumers and encourage investment.

Bello explained that the Petroleum Industry Act 2021 empowers NMDPRA as the technical and licensing regulator for licensing, technical standards, operational compliance, price setting and supply oversight in the midstream and downstream petroleum sector.

Bello warned that the “Commission would investigate and take appropriate action where there is evidence of cartel behaviour, price fixing, abuse of dominance, restrictive agreements, market allocation, misleading pricing, under-dispensing, adulteration or other conduct capable of undermining competition.”

In his remarks, the Chief Executive of NMDPRA, Rabiu Umar, said the agreement marked the establishment of a robust cooperation framework between both institutions.

Umar said the framework would strengthen their shared regulatory mandates, promote competitive markets, protect consumers and ensure transparency across Nigeria’s energy value chain. (Weekend Trust)