The Independent Petroleum Marketers Association of Nigeria, (IPMAN), has projected that the pump price of petrol could rise above N700 per litre in some States in the country starting from July.
IPMANs National Controller Operations, Mike Osatuyi, who disclosed this during an interview, said theyve projected that those living in northern part of the country could pay as much as N700 and above for one litre of petrol, while residents of Lagos would pay about N600 for a litre and those outside Lagos would pay around N610.
Osatuyi said the price review was necessitated by the exchange rate. He said, Already, three marketers have been confirmed to start bringing in products starting from July. Thats when we would know the real price of products because it would definitely increase. This current price is just a transitional price.
He further said, We are expecting the roadmap from the Federal Government following the meeting with Labour. Labour has said they are giving the government two months to come up with the roadmap. We are also expecting the roadmap on how to deepen the use of Compressed Natural Gas.
Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, also told newsmen that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is currently licensing more importers.
Adewole also said that arrangements are 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, Tunji Oyebanji, also said that consumers should expect new pump prices close to that of diesel, and those of neigbouring African countries that also import petrol.
