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Marketers project N700/ litre petrol as importation starts July

Oil marketers in Nigeria have projected that the pump price of Premium Motor Spirit commonly known as petrol could rise above N700 per litre in the northern part of the country starting from July.

The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said in an interview on Wednesday, June 28.

According to The Punch, he said prices are likely increase to above 700 Naira in northern Nigeria once independent marketers start importing products from July 2023.

Osatuyi also said that those outside Lagos should expect to pay around N610, as Lagos residents 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.

The Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, also stated on Tuesday that the NMDPRA was currently licensing more importers.