The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected fuel price to cost not less than N700 per litre.
This was announced by Mike Osatuyi, IPMAN’s National Controller Operations, saying that the projection is expected to come into force as early as July.
According to Osatuyi, fuel price could rise above N700 in northern Nigeria once the marketers begin importing products from July.
Osatuyi also projected a N610 per litre of fuel price for those outside Lagos, adding that residents in Lagos may pay up to N600 per litre.
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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.”
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority continues to licence operators ready to participate in the importation of petroleum products.
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