Oil marketers have warned Nigerians that petrol could cost up to N700 per litre in the coming days.
This comes after the Nigerian National Petroleum Company (NNPC) Limited raised the price of gasoline from N540 to N617 per litre on Tuesday.
On Tuesday, NNPCL Group Chief Executive Officer Mele Kyari blamed market forces for the recent increase in fuel pump price from N540 to N617 per litre.
Following a meeting with Vice President Kashim Shettima at the Aso Villa on Tuesday, Kyari provided this explanation.
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Against this backdrop, oil marketers have predicted that petrol might retail for as much as N700/litre if fresh items imported by independent enterprises begin to arrive in Nigeria, according to Naija News.
According to Mike Osatuyi, National Controller, Operations, Independent Marketers Association of Nigeria, Lagos residents should expect to pay N600/N620 per litre for gasoline. At the same time, individuals residing in the North may have to spend as much as N700 per litre.
Osatuyi told reporters, “The new stock will arrive any moment from the third week in July. But you know crude is now around $82/barrel, and the exchange rate is around N800. So, the new price would be determined by these two factors.”
Meanwhile, the platform learned that once the NNPCL hiked its pricing, merchants jacked up the price from N500, N510, and N520/litre to between N620 and N630/litre.
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While some filling stations in Ondo State raised their pump rates to between N620 and N630/litre, some in Kwara State sell for as much as the already anticipated N700/litre.
It was discovered that NIPCO sold petrol for N545 per litre, whereas Shafa Energy charged N595. Customers at Rainoil were charged N568 per litre, Emmanuel was charged N560, while Neeman was charged N700 per litre.
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