Pump Price To Hit N700 Per Litre In July – Oil Marketers

Nigerians are expected to prepare for more hardship as oil marketers announced that starting in July, the price of petroleum might exceed N700.

According to Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria, the prices in the North may skyrocket to over N700.

He stated that while residents in the Northern states may spend about N700 or more, those living outside Lagos should plan to pay about N610, and Lagos residents will pay about N600 per litre of petroleum.

Osatuyi maintained that the prices will be based on the exchange rate, but Nigerians should not expect anything less than N600.

However, at the moment, the Nigerian Midstream and Downstream Petroleum Regulatory Authority are still issuing licenses to businesses seeking to engage in the importation industry while the downstream sector waits for new petroleum products.