Petrol may cost N700/litre starting July — Marketers

Nigerians have been alerted to brazen up for further increase in the price of petrol per litre starting from July once independent marketers start importing products.

This was noted by the National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, in an interview with The Punch.

Osatuyi projected that those living in the northern states could pay as much as N700 and above for one litre of petrol; those outside Lagos should expect to pay around N610, as residents in Lagos would pay about N600 per litre.

“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,” he said.

The downstream sector currently awaits fresh petroleum products as the Nigerian Midstream and Downstream Petroleum Regulatory Authority continues to licence operators willing to get involved in the importation business.

Meanwhile, a former chairman of the Major Oil Marketers Association of Nigeria, and Chief Executive Officer/Chairman of 11 Plc, Tunji Oyebanji, during a chat on Monday, said consumers should expect new pump prices close to that of diesel, and those of neigbouring African countries that also import petrol.