The pump price of petrol could rise above N700 per litre in the northern region of the country starting from July, according to Nigerian oil marketers projection.
This was made known by the National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, in an interview on Wednesday.
He explained that the prices could rise to above N700 in the north once independent marketers start importing products from July.
According to PUNCH, 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.
“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,” he said.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority had assured that it would protect consumers from exploitative action following plans by oil marketers to begin fuel importation.
The NMDPRA Chief Executive, Farouk Ahmed, gave the assurance while briefing journalists shortly after a meeting with oil marketers.
Already, three oil marketers will from July this year start importing petroleum products into the country according to the NMDPRA boss.
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.