The Federal Competition and Consumer Protection Commission (FCCPC) is currently engaging multiple regulators and entities involved in the distribution of Premium Motor Spirit (PMS) that do not comply with established, applicable, and prevailing standards.
The Chief Executive Officer of the Commission, Mr Babatunde Irukera, who disclosed this in a statement said in the process of its investigative assessment, the commission understood that consumers of the product have experienced technical difficulties in their vehicles and other relevant equipment/machinery.
“The purpose of ongoing engagements include addressing hardship or difficulties that consumers may experience with respect to withdrawal of the implicated products from the market, securing assurance and promoting consumer confidence that supply constraints are addressed and will not persist.
“It also include ensuring that the regulator’s recall effort under applicable laws and regulations including Petroleum Industry Act, 2021 and Federal Competition and Consumer Protection Act, 2018 (FCCPA) sufficiently excludes continuing distribution of the implicated product, encourage and promote additional and robust mechanisms to prevent recurrence and develop a meaningful and transparent mechanism to address demonstrated injury to affected consumers,” Mr Irukera stated.
He said the Commission’s engagement with the key and relevant regulators/entities involved has been constructive and productive.
“The Commission is continuing engagement, particularly with respect to a reasonable and acceptable mechanism to mitigate demonstrated injury and/ or loss experienced by consumers,” he added.
