Oil Marketers Project N700/litre Price for Petrol

Oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July.

The National Controller of Operations, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, said on Wednesday that prices could rise to above N700 in the north once independent marketers start importing products from July.

He said while those living in the northern states could pay as much as N700 and above for one litre of petrol, those outside Lagos should expect to pay around N610, as residents in Lagos would pay about N600 per litre.

He further explained that this will highly depend on the exchange rate, the current crude price at the international market and the landing cost.

The downstream sector currently awaits fresh petroleum products as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA continues to licence operators willing to get involved in the importation business.

Speaking, the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole said the NMDPRA was currently licensing more importers.

He said arrangements were on full speed for fresh products from July, adding that prices of products would depend on market fundamentals.

Following the Federal Government’s official statement on deregulation of the downstream market since May 29, prices of petrol have since shot up above N490/litre at stations belonging to the Major Oil Marketers Association of Nigeria, MOMAN and above N500 at IPMAN stations across the country.

Chairman of IPMAN Satellite Depot, told newsmen that marketers were still loading products at the government-regulated price of N496 per litre.