Oil marketers in Nigeria have expressed concerns that the pump price of petrol could exceed N700 per litre. According to Mike Osatuyi, the National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, this projection is expected to take effect in July.
Osatuyi stated that once independent marketers begin importing petroleum products in July, prices could surpass N700 per litre in the northern regions of the country. He also mentioned that Nigerians living outside Lagos should anticipate prices around N610, while residents in Lagos may pay approximately N600 per litre.
Explaining the factors behind the potential price increase, Osatuyi cited the exchange rate, the current crude oil price in the international market, and the landing cost of the product. He emphasized that these factors would influence the final price at the pump.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has started licensing operators who are interested in participating in the importation business.
It is important to note that these projections are based on current market conditions and may be subject to change. The final pump prices will be determined by various factors, including market dynamics and government regulations.
