Oil marketers have projected that the pump price of petrol could rise above N700 per litre in some parts of the country starting from July, due to the deregulation of the downstream sector.
The National Controller Operations, Independent Petroleum Marketers Association of Nigeria (IPMAN), 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 Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, also told The PUNCH on Tuesday that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (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 (MOMAN), and Chief Executive Officer/Chairman of 11 Plc, Tunji Oyebanji, had earlier said consumers should expect new pump prices close to that of diesel, and those of neighbouring African countries that also import petrol.
Petrol currently sells for around N495 and above in Nigeria, with diesel price approaching N800 per litre.
