Marketers project N700/litre 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 Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The PUNCH 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.

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, told The PUNCH on Tuesday that 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.

A former chairman of the Major Oil Marketers Association of Nigeria, and Chief Executive Officer/Chairman of 11 Plc, Tunji Oyebanji, during a chat on Monday, said consumers should expect new pump prices close to that of diesel, and those of neigbouring African countries that also import petrol.

Checks by The PUNCH showed that as of June 19, the price of one litre of petrol in Ghana, Cameroun, Benin was already above N800 per litre.
Petrol currently sells for around N495 and above in Nigeria, with diesel price approaching N800 per litre.
SOURCE: PUNCH NEWSPAPER