Oil marketers warn of imminent hike in fuel pump price

Oil marketers have warned that the price of petrol could rise above N700 per litre next month when independent marketers commence importation of the products into the country.

The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi disclosed 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.

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

According to the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, arrangements were on full speed for fresh products from July, adding that prices of products would depend on market fundamentals.