Marketers Alert Nigerians on New Petrol Prices for North, South Regions as Private Companies Begin Importation
- Oil marketers in Nigeria have asked Nigerians to be ready to pay higher pump prices of petrol starting from July
- The increase in petrol prices is attributed to factors such as the exchange rate, international crude oil prices, landing costs, and other market fundamentals
- The Nigerian Midstream and Downstream Petroleum Regulatory Authority has licensed private companies to begin importation
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Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that Nigerians should expect the pump price of petrol to rise above N700 per litre, particularly in the Northern region starting from July.
Mike Osatuyi, the National Controller of IPMAN, who disclosed this, also asked residents of Lagos to expect petrol prices of around N610 per litre.
Source: UGC
According to a report by Punch, the new prices will come into effect when independent marketers begin importing petroleum products.
Legit.ng had earlier reported that the federal government granted licenses to six companies to import petroleum products.
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Apart from the newly-approved six firms, several companies have also applied for permits to import petrol and its products into Nigeria.
New petrol prices from July
Also, Tunji Oyebanji, former chairman of the Major Oil Marketers Association of Nigeria and CEO/Chairman of 11 Plc, stated that consumers should anticipate new pump prices comparable to those of diesel and fuel in neighbouring African countries.
However, Oyebanji noted that the final price could fluctuate based on naira exchange rate to dollar and other factors.
His words:
“Prices of products will depend on market fundamentals, and as we speak, the Nigeria Customs Service is delaying some AGO (diesel) vessels because of the 7.5 per cent VAT.
"Also any cost incurred by marketers would be added to landing cost, and then to the pump price. The marketer would also have to add profit because they must make profit."
Three fuel subsidy removal palliatives Tinubu must implement in Nigeria
In related news, Legit.ng reported that a research analysis suggested ways the Federal Government can provide palliatives to cushion the impact of fuel subsidy removal on Nigerians.
The suggestions were disclosed in a report titled "Fuel Subsidy Removal Short-term Pain, Long-term Gain", published by Deloitte, a multinational auditing firm, in June 2023.
The report highlighted, amongst other things, the history of fuel subsidy in Nigeria, the merits and demerits of subsidy payments, and the implications of subsidy removal.
In addition, the report listed strategies that Tinubu's administration can adopt to ensure the Nigerians are relieved from the impact.
Source: Legit.ng
