Oil marketers in Nigeria have issued a warning, indicating that the pump price of petrol could exceed ₦700 per litre in the near future. Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria, revealed that this projection is expected to take effect in July.
Osatuyi emphasized that once independent marketers commence importing petroleum products next month, the prices are likely to surge above ₦700 per litre in the northern regions of the country. Meanwhile, residents outside of Lagos can expect prices around ₦610 per litre. For Lagos residents, the estimated price will be approximately ₦600 per litre. These estimations are contingent on factors such as the exchange rate, international crude oil prices, and the landing cost.
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.”
Addressing the potential challenges posed by higher petrol prices, Chinedu Okoronkwo, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism about an alternative fuel solution. Okoronkwo revealed in an interview with Channels TV on June 21, 2023, that the association is well-prepared, with a 90% readiness, to introduce Compressed Natural Gas (CNG) as an alternative fuel by the end of June.
The introduction of CNG as an alternative fuel aims to provide Nigerians with a viable option amidst rising petrol prices. As the situation unfolds and the petrol market undergoes potential fluctuations, the implementation of alternative fuels may become crucial in mitigating the impact on consumers.
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