Nigerian Oil Marketers Foresee Petrol Prices Surging above N700 per Litre in Northern Region of the country from July.
According to Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria, petrol prices in the northern region could surpass N700 per litre starting in July.
In an interview on Wednesday, Osatuyi indicated that independent marketers would begin importing products, leading to the potential price hike.
As per reports by PUNCH News, residents in the northern states might have to pay over N700 per litre, while those outside Lagos could expect prices around N610. Meanwhile, Lagos residents may face approximately 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 eagerly awaits fresh petroleum products as the Nigerian Midstream and Downstream Petroleum Regulatory Authority continues to grant licenses to importers.
Olufemi Adewole, the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria, mentioned on Tuesday that the NMDPRA was actively licensing additional importers. Adewole emphasized that preparations were underway for the arrival of new products in July, with prices being determined by market fundamentals.
