Nigeria: FCCPC raises concerns over slow fuel price reductions despite crude oil crash
via Punch Nigeria4 min read
The Federal Competition and Consumer Protection Commission FCCPC has expressed concern regarding potential consumer exploitation in Nigeria's downstream petroleum sector. The commission noted that despite a significant drop in global crude oil prices, fuel prices in Nigeria have not decreased commensurately. An ongoing market surveillance by the FCCPC revealed that local refiners, depot operators, marketers, and filling station owners have implemented only marginal reductions. The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, highlighted that operators in the downstream sector tend to increase pump prices quickly when crude oil prices rise but are slow to pass on benefits to consumers when prices fall. He emphasized that while the FCCPC does not regulate petroleum prices, its role is to promote competitive markets and protect consumers from unfair practices. The commission's concerns arise as global oil prices have fallen to around $73 per barrel, a significant decrease from about $120 per barrel in April. Despite this, petrol is still sold at an average of N1,200 per litre across the country, compared to N800-N900 per litre in February when crude prices were similar. The FCCPC acknowledged that various commercial factors influence domestic fuel prices but maintained that competitive market forces should have led to more substantial reductions. Bello stated that the commission would investigate and take enforcement action if credible evidence
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The Kebbi State Government has announced a major crackdown on an emerging cybercrime syndicate known as "Yan Vocal," vowing to dismantle the network and prosecute those responsible for online fraud, blackmail, and cyber extortion. According to a statement issued by the Chief Press Secretary to the Governor, Ahmed Idris, credible intelligence indicates the syndicate, largely comprising young people aged 19 to 24, operates from parts of Argungu Local Government Area. They specialize in hacking social media accounts, creating fake online identities, and using threats and blackmail to extort money from unsuspecting victims. The group allegedly targets users of Facebook, WhatsApp, TikTok, and other social media platforms by sending explicit content or manipulating video calls and photographs before blackmailing victims into making financial payments. The syndicate deliberately targets high-profile individuals, including political office holders, traditional and religious leaders, business owners, and other prominent personalities across Nigeria, as well as in neighboring countries such as Niger, Ghana, and the Republic of Benin. Preliminary investigations have identified 19 suspected members, and security agencies have uncovered their operational methods, meeting points, and channels for receiving illicit proceeds through digital financial platforms. The government urged residents to be vigilant while using social media, protect personal information, avoid suspicious online intera
Senator George Akume, the Secretary to the Government of the Federation, expressed shock and outrage over the killing of Alhaji Ardo Risku, the Benue State Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria, and his associate. In a statement released by his Special Adviser on Media and Publicity, Yomi Odunuga, Akume described the act as "reprehensible, unacceptable and a direct assault on the peace, reconciliation and mutual trust" in Benue State. He noted that the incident occurred despite recent improvements in security and peaceful coexistence in the state, warning against allowing "enemies of peace" to reverse these gains. Akume, a former Governor of Benue State, emphasized his consistent advocacy for peaceful coexistence and unity, stating that sustainable development requires peace, tolerance, and mutual respect. He urged communities to reject attempts by criminals to incite discord and reprisals, stressing that no one should take the law into their own hands. The SGF extended condolences to the victims' families and MACBAN leadership. He called on the Nigeria Police Force, Department of State Services, and other security agencies to conduct a thorough investigation to identify, arrest, and prosecute all individuals involved in the crime, drawing a parallel to the apprehension of suspects in the Yelwata killings. Akume reiterated President Bola Tinubu's commitment to combating insecurity and ensuring the safety of all Nigerians, urging Benue residents
Former Edo State Governor and current Senator for Edo North Senatorial District, Adams Oshiomhole, has endorsed the proposed death penalty for kidnappers and bandits by Governor Monday Okpebholo's administration. Speaking at an All Progressives Congress campaign flag-off in Auchi, Oshiomhole stated that this measure is crucial for addressing rising insecurity and that criminals should not have a place in Edo State. He also reiterated his support for the creation of state police to complement the Nigeria Police Force in tackling insecurity. Governor Okpebholo, in his address, highlighted his administration's commitment to improving the welfare of Edo residents through development projects, including roads, schools, and markets. He credited the removal of fuel subsidy, an economic reform by President Bola Tinubu, with increasing funds available to state governments for development. Okpebholo urged party supporters to mobilize for the upcoming local government elections and work towards delivering 2.5 million votes for President Tinubu in the 2027 general election. Minister of Regional Development Abubakar Momoh and APC State Chairman Jarrett Tenebe also spoke, emphasizing grassroots development and quality service delivery from elected officials.