In a recent development, oil marketers in Nigeria have issued a warning, stating that the pump price of petrol could surpass ₦700 per litre.
The projection, as revealed by Mike Osatuyi, National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, is expected to take effect in July.
Osatuyi emphasised that the prices are likely to surge above ₦700 per litre in the northern regions of the country once independent marketers begin importing petroleum products starting next month. While Nigerians residing in the north should anticipate paying at least ₦700 or more, those outside Lagos can expect prices around N610 per litre.
Furthermore, Osatuyi added that residents of Lagos would be required to pay approximately ₦600 per litre. He explained that these estimations are subject to various factors such as the exchange rate, the prevailing international crude oil prices, and the landing cost.
In his statement, Osatuyi stated, "What I am seeing is around ₦600 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 ₦600, those outside Lagos around ₦600 plus, while those in the north would be paying anything from ₦700 and above."
Nigerians to expect alternative to fuel
In an interview with Channels TV on Wednesday, June 21, 2023, Chinedu Okoronkwo, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism about the situation. He stated that the organisation is well-prepared, with a 90% readiness, to introduce Compressed Natural Gas (CNG) as an alternative fuel by the end of June. Read more about this