Petroleum Marketers Project N700/Litre for Petrol Pump Price



Petroleum marketers are anticipating a potential increase in the pump price of petrol to exceed N700 per liter. 

The projection, set to take effect in July, is based on the plans of independent marketers to import products. 

According to Mike Osatuyi, the National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, residents in the north could pay over N700 per liter, while those outside Lagos can expect prices around N610. 

For Lagos residents, the estimated price would be approximately N600 per liter. Osatuyi further explained that these price variations depend on factors such as the exchange rate, international crude prices, and landing costs. 

Simultaneously, the Nigerian Midstream and Downstream Petroleum Regulatory Authority is granting licenses to operators interested in engaging in the importation business.

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