BREAKING: Marketers Project N700/Litre for Petrol Pump Price

Oil marketers in the country have expressed concerns about a potential increase in the pump price of petrol, which could surpass N700 per liter.

According to Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria, this projection is expected to take effect in July. Osatuyi emphasized that once independent marketers begin importing petroleum products in July, prices could exceed N700 per liter in the northern region of Nigeria.

He further explained that residents in the north may have to pay N700 and above, while those outside Lagos should anticipate a price of around N610. In Lagos, residents are likely to pay approximately N600 per liter.

Osatuyi stated, “Based on the exchange rate, the current international crude oil price, and the landing cost, I am seeing prices around N600 and above.” He highlighted the factors that contribute to the potential price increase.

In the meantime, the Nigerian Midstream and Downstream Petroleum Regulatory Authority is in the process of granting licenses to operators who are interested in participating in the importation business.

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