The Federal Competition and Consumer Protection Commission ( FCCPC) has charged oil marketers to shun anti-competitive conducts due to the downstream sector’s importance to the economy.
Executive Vice Chairman of FCCPC, Mr. Babatunde Irukera, gave the charge at a workshop organised by the commission in collaboration with the Major Oil Marketers Association of Nigeria (MOMAN) in Lagos.
He said the petroleum industry was very important to the development of the country and that any form of volatility in prices of products affected other sectors of the economy.
Irukera said anti-competitive conducts such as restrictive agreements (cartels) and abuse of dominance and mergers violate the provisions of the Federal Competition and Consumer Protection Act of 2018.
He said the commission has a duty to protect consumers from any form of exploitation by marketers and would continue to engage with MOMAN to enforce compliance. Irukera said the workshop was an opportunity for the commission and marketers to develop a regulatory map that would guide the market going forward.
Chairman of MOMAN, Mr. Olumide Adeosun, who also spoke at the event said the passage of the Petroleum Industry Act (PIA) presents limitless opportunities for the downstream sector if properly implemented. Adeosun said MOMAN members were committed to adhering to the objective of the FCCPA which included promoting and maintaining competitive markets in the Nigerian economy and promoting economic efficiency.
On his part, Chief Executive Officer of MOMAN, Mr. Clement Isong, said the goal of the workshop was to sensitise marketers on what constitutes anti-competitive and anti-trust behaviour within the sector.
Isong said the FCCPC existed to protect consumers , adding that collaboration between both parties would help improve service delivery in the petroleum industry.
He, however, noted that fixing prices for petroleum products by the Federal Government was anti-competitive, stressing that the sector must be liberalised to attract more investments.