Petro May Soon Sell For 700 – IPMAN Announce

 

Independent Petroleum Marketers Association of Nigeria has projected that the pump price of petrol could rise above N700 per litre in some states in the country starting from July.

IPMAN’s National Controller Operations, Mike Osatuyi, who disclosed this during an interview with Punch, said they’ve projected that those living in northern states could pay as much as N700 and above for one litre of petrol, those outside Lagos would pay around N610, while residents of Lagos would pay about N600 for a litre.

Osatuyi said the price review was necessitated by the exchange rate. 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.

“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.

“Already, three marketers have been confirmed to start bringing in products starting from July. That’s when we would know the real price of products because it would definitely increase. This current price is just a transitional price.”

Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, also told the publication 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.

He said;

“Where do countries like Ghana, Benin, and Cameroun get their products from? Is it not from Nigeria?.

“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