Nigerain oil marketers have predicted that the pump price of petrol could exceed N700 per litre in the Northern region of the country starting from July 2023.
According to the National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, who spoke with the Punch on Wednesday said the price could rise above N700 in the north.
He said: “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.”
Also speaking, the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, said that the NMDPRA was currently licensing more importers.
“Where do countries like Ghana, Benin, and Cameroun get their products from? Is it not from Nigeria?,” he asked, making reference to products being smuggled from Nigeria to neighbouring countries.
“Prices of products will depend on market fundamentals, and as we speak, the Nigeria Customs Service is delaying some AGO (diesel) vessels because of the 7.5 per cent VAT.
“And don’t forget, any cost incurred by marketers would be added to landing cost, and then to the pump price. The marketer would also have to add profit because they must make profit,” he said.
