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, disclosed this while telling residents of Lagos to expect petrol prices of around N610 per litre.

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 neighboring African countries.

Oyebanji also noted that the final price could fluctuate based on the exchange rate 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.”

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.