ABUJA, Nigeria’s competition watchdog said on Tuesday it is closely monitoring falling global crude prices to ensure the decline reflects in pump prices for consumers.

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‎The Federal Competition and Consumer Protection Commission (FCCPC) said the assurance followed public enquiries over high petrol prices despite the drop in crude.

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‎Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said Brent futures have fallen from a peak of $115 in September to below $90 this week.

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‎Petrol currently sells for between 1,405 naira and 1,420 naira per litre in Abuja and between 1,325 naira and 1,370 naira in Lagos, the Commission said.

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‎On February 27, the day before the war involving the United States, Israel and Iran began, Brent closed at $72.48 per barrel. Petrol then sold for between 839 naira and 925 naira per litre in Lagos and Abuja.

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‎Marketers have blamed the spike in prices over the last eight months on crude volatility following the U.S.-Iran conflict and the blockade of the Strait of Hormuz, through which at least 25 percent of global oil traffic passes.

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‎”If the decline in crude prices is sustained, there is no justification for refiners and marketers to continue to keep petrol and diesel prices relatively high,” Bello said.

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‎”We expect easing in wholesale petrol costs and for the resulting savings to reach consumers at the pump without undue delay.”

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‎Bello said the Commission would continue to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant agencies to track wholesale and retail prices, and would act where there is evidence of anti-competitive conduct or unfair practices.