FG WARNS MARKETERS AGAINST USING OLD STOCK TO JUSTIFY HIGH PETROL PRICES

The Federal Government has warned petroleum marketers against using old fuel stock as a reason for maintaining high petrol prices despite declining replacement costs.
The government said consumers should benefit whenever the cost of importing or sourcing petroleum products falls, urging marketers to adjust pump prices in line with prevailing market realities.
According to officials, pricing should reflect the actual cost of replacing products rather than the cost of previously purchased stock, stressing that unfair pricing practices place an unnecessary burden on Nigerians.
The Federal Government also warned that regulatory agencies will continue to monitor the downstream petroleum sector to ensure compliance with existing pricing and consumer protection regulations.
It urged marketers to operate transparently and avoid actions capable of distorting the market or exploiting consumers.
Officials reaffirmed the government’s commitment to promoting a competitive and fair petroleum market that balances the interests of consumers and industry operators.
The warning comes amid growing public expectations for lower petrol prices following recent changes in supply costs and market dynamics.