Petrol refiners, depot operators, marketers and retail outlet owners could face regulatory sanctions if investigations uncover evidence of consumer exploitation in Nigeria’s downstream petroleum sector, the Federal Competition and Consumer Protection Commission (FCCPC) has warned. Meanwhile, global gas flaring climbed to a six-year high of 167 billion cubic metres (bcm) in 2025, marking the third consecutive year of increase despite global commitments to curb the practice, according to the latest Global Gas Flaring Tracker Report released by the World Bank. The report identified Nigeria among the world’s worst gas-flaring nations, warning that the country had continued to burn significant volumes of associated gas despite longstanding efforts to commercialise the resource and improve domestic energy supply. FCCPC said preliminary findings from its ongoing surveillance of the downstream market indicated that reductions in petrol prices by industry operators had been marginal despite the sharp decline in global crude oil prices over recent weeks. Executive Vice Chairman and Chief Executive Officer of FCCPC, Tunji Bello, said the commission was concerned that consumers had yet to enjoy meaningful price relief despite a considerable fall in international oil prices.
Guardian