New Fuel Price May Exceed ₦700 Per Liter, Marketers Say 

The Independent Petroleum Marketers Association of Nigeria predicts a rise in July.

By Omotayo Olutekunbi

The price of gasoline at the pump may soon exceed 700 Naira a liter, according to a new warning by Nigerian oil marketers.

According to Mike Osatuyi, National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, the forecast will go into effect in July.

Osatuyi emphasized that if independent traders start importing petroleum supplies beginning next month, prices in the northern areas of the nation are anticipated to go beyond 700 per liter.

Nigerians outside of Lagos may expect to pay roughly N610 per liter, while those in the north should plan on spending at least N700 or more.

Osatuyi also said that Lagosians must spend around 600 naira ($0.60) per liter. He noted that these estimates depend on many variables, including the currency rate, the current global crude oil prices, and the landing cost.

In his statement, Osatuyi stated, “What I am seeing is around ₦600 and above, depending on the exchange rate, the current crude price at the international market, and the landing cost. Those in Lagos will pay around ₦600, those outside Lagos around ₦600 plus, while those in the north would be paying anything from ₦700 and above.”

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, expressed confidence about the situation in an interview with Channels TV on June 21, 2023. He said that the organization is 90% ready to deploy compressed natural gas (CNG) as an alternative fuel by the end of June and that they are thus well-prepared to do so.