Petrol price drops and we still dey suffer, who is collecting the difference?

FCCPC don warn petrol marketers now, saying Nigerians not benefiting from the drop in crude price. I saw the news and I just had to laugh. Because tell me, when has any price drop ever reached the common man in this country? The numbers say crude is down, but the pump price is still doing its own thing. I ran the calculation in my head and it just doesn't add up.

My guys, we all know how this goes. When crude price rises, fuel price follows immediately the next day. But when it falls, they need months of meetings and committees before they even talk about reducing it. And even then, the reduction is so small you need a microscope to see it. Meanwhile, transport fares haven't dropped one naira. Market prices for food haven't come down. So who exactly is enjoying this crude price drop? Certainly not the person buying a bag of rice for forty-something thousand naira.

Interesting how the FCCPC is now threatening sanctions. I wonder if anything will actually happen or if this is just another round of noise that ends in a handshake.