Oil marketers have expressed concerns over a possible increase in the pump price of petrol above N700 per litre in Northern Nigeria starting from July.
According to Mike Osatuyi, the National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, prices could surge to over N700 in the north once independent marketers begin importing products next month.
while residents in the northern states may have to pay around N700 or more for one litre of petrol, those outside Lagos should expect to pay approximately N610. Meanwhile, individuals in Lagos will be charged approximately N600.
“We are expecting prices around N600 and above, depending on factors such as the exchange rate, current crude prices in the international market, and the landing cost. Residents in Lagos can anticipate a price of around N600, while those outside Lagos may pay a little over N600. However, individuals in the north could be paying anything from N700 and upwards,” Osatuyi explained.
The downstream sector is currently awaiting a fresh supply of petroleum products, as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) continues to license operators interested in the importation business.
Olufemi Adewole, the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria, disclosed that the NMDPRA is in the process of licensing more importers. He further stated that preparations are in full swing for the arrival of fresh products in July, with prices expected to be determined by market fundamentals