More hardship looms for Nigerians as price of petrol sets to jump to N700 per litre

Nigerians might soon be subjected to more hardship as Oil marketers projected that the pump price of petrol could rise above N700 per litre.

According to Mike Osatuyi, National Controller Operations, Independent Petroleum Marketers Association of Nigeria, the projection is expected to come into force in July.

He insisted that the prices could rise above N700 in the north once independent marketers start importing products from July.

According to him, Nigerians living in the north could pay as much as N700 and above, while those outside Lagos should expect to pay around N610.

He added that residents in Lagos would pay about N600 per litre.

His statement partly reads; ““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.”

Meanwhile, 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, said 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.

“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.

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“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 percent 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.

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