Oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July.
The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, toldon Wednesday that prices could rise to above N700 in the north once independent marketers start importing products from July.
The downstream sector currently awaits fresh petroleum products as the Nigerian Midstream and Downstream Petroleum Regulatory Authority continues to licence operators willing to get involved in the importation business. “Prices of products will depend on market fundamentals, and as we speak, the Nigeria Customs Service is delaying some AGO vessels because of the 7.5 per cent VAT.
Petrol currently sells for around N495 and above in Nigeria, with diesel price approaching N800 per litre.
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