Oil marketers in the country are predicting a potential increase in the price of petrol, surpassing N700 per liter.
The projection, expected to take effect in July, was stated by Mike Osatuyi, the National Controller Operations of the Independent Petroleum Marketers Association of Nigeria.
Osatuyi emphasized that once independent marketers begin importing products in July, prices in the northern region could exceed N700 per liter.
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He further mentioned that residents in the northern part of the country could face prices of N700 and above, while those outside Lagos should anticipate around N610. On the other hand, residents in Lagos would likely pay approximately N600 per liter.
He explained, “Based on the exchange rate, current crude price in the international market, and the landing cost, I foresee prices around N600 and above. Lagos residents can expect around N600, those outside Lagos around N600 and above, while residents in the north would likely face prices of N700 and above.”
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority is issuing licenses to operators interested in engaging in the importation business.
