Petroleum marketers in Nigeria have projected a significant increase in the pump price of petrol
Oil marketers in Nigeria have issued a warning that the pump price of petrol could exceed N700 per liter in the near future. Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that this projection is expected to take effect in July.
Osatuyi emphasized that once independent marketers commence importing products from July, prices in the northern region could surpass N700 per liter. On the other hand, consumers outside Lagos should anticipate a price of around N610, while residents in Lagos would likely pay approximately N600 per liter.
Explaining the factors contributing to the potential increase, Osatuyi mentioned the exchange rate, the current price of crude oil in the international market, and the landing cost. He further clarified that the actual prices would depend on these variables.
He said:
“What I am seeing is around N600 and above, depending on the exchange rate, the current crude price at the international market and the landing cost.
“Those in Lagos will pay around N600, those outside Lagos around N600 plus, while those in the north would be paying anything from N700 and above.”
In response to the impending price hike, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has begun licensing operators interested in participating in the importation business.
Also Read: Nigerians Should Prepare For The Worst Fuel Scarcity – Petroleum Marketers
As the situation unfolds, Nigerians are concerned about the potential impact on their finances and daily lives. The government is expected to monitor the situation closely and take appropriate measures to mitigate the effects of any significant increase in the pump price of petrol.
