The Youth Assembly of Nigeria (YAN) has urged the Federal Government to strengthen the enforcement of commodity price regulations to protect consumers and ensure Nigerians benefit from recent reductions in the pump price of Premium Motor Spirit (PMS).

Speaking with journalists in Abuja, the National Speaker of the Youth Assembly, Rt. Hon. Famuyibo Oluwasegun expressed concern over the persistent high cost of essential commodities despite the decline in petrol prices.

He noted that while the prices of goods and services often rise immediately whenever fuel prices increase, they rarely come down when petrol becomes cheaper, describing the trend as evidence of weak market regulation and enforcement.

According to him, the situation has continued to place financial pressure on millions of Nigerians, despite lower transportation and production costs that should ordinarily translate into reduced prices.

Famuyibo said the pump price of petrol had fallen significantly over the past six months, dropping from between ₦1,350 and ₦1,400 per litre to about ₦1,090–₦1,120 per litre. However, he observed that the prices of food items and other essential goods have remained largely unchanged.

He called on the Federal Competition and Consumer Protection Commission (FCCPC), state consumer protection agencies, and other relevant regulatory bodies to intensify market surveillance, enforce fair pricing practices, and ensure that lower operating costs are reflected in the prices consumers pay.

According to him, effective enforcement of commodity pricing regulations would help ease inflationary pressures, improve Nigerians’ purchasing power, stimulate economic growth, and strengthen public confidence in the country’s economic management.

The Youth Assembly reaffirmed its commitment to advocating policies that promote economic justice, social welfare, and sustainable national development.

It also appealed to traders, manufacturers, transport operators, and other stakeholders to act responsibly by passing on the benefits of lower fuel prices to consumers through more affordable prices for goods and services.