Oil marketers in Nigeria are predicting a potential increase in the price of petrol, with prices potentially exceeding N700 per liter, News About Nigeria reports.
Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria, anticipates that this change could take effect in July.
Osatuyi asserts that once independent marketers begin importing products in July, prices in the northern regions of Nigeria could surpass N700 per liter.
On the other hand, residents outside of Lagos should expect to pay approximately N610, while those in Lagos would pay around N600 per liter.
Osatuyi clarified that the projected prices are influenced by factors such as the exchange rate, the current international crude oil price, and the landing cost.
Considering these factors, he estimated that prices in Lagos will hover around N600 per liter.
However, for those residing outside of Lagos, the price is likely to exceed N600, and residents in the northern regions could potentially face prices of N700 and higher.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority are actively licensing operators who are interested in participating in the importation business.
This indicates a potential shift in the market dynamics as more players enter the industry.
These developments have raised concerns among Nigerians, as higher fuel prices could significantly impact their daily lives.
Transportation costs, food prices, and the overall cost of living are likely to be affected by the increase in petrol prices.
The anticipated rise in fuel prices could put additional strain on individuals and businesses already grappling with economic challenges.
