Breaking News: Petroleum marketers project N700/litre for petrol pump price

Oil marketers in the country say the pump price for petrol could rise above N700 per litter.

According to Mike Osatuyi, National Controller Operations, Independent Petroleum Marketers Association of Nigeria, the projection is expected to come into force in July.

He insisted that the prices could rise above N700 in the north once independent marketers start importing products from July.

According to him, Nigerians living in the north could pay as much as N700 and above, while those outside Lagos should expect to pay around N610.

He added that residents in Lagos would pay about N600 per litre.

He said:

“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.”

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority is licencing operators willing to participate in the importation business.