BusinessPetrol: Be Prepared To Pay N700/litre From July – IPMAN

Petrol: Be Prepared To Pay N700/litre From July – IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has told Nigerians to be prepared to begin to pay N700 per litre of petrol from July, 2023.

IPMAN’s National Controller Operations, Mr. Mike Osatuyi, who disclosed this to newsmen further added that prices could rise to above N700 in the northern regions once independent marketers start importing products from July.

He said while those living in the northern states could pay as much as N700 and above for one litre of petrol, those outside Lagos should expect to pay around N610, as residents in Lagos would pay about N600 per litre.

“What I am seeing is around N600 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 N600, those outside Lagos around N600 plus, while those in the north would be paying anything from N700 and above,” he said.

President Bola Tinubu had in his inaugural speech on May 29, this year announced the scrapping of the subsidy on imported petroleum products immediately.

The immediate past administration of former President Muhammadu Buhari had reportedly paid up subsidy claims up to Half Year ending June, 2023, with provision in this year’s appropriation bill for the payment of the regime.

The development has triggered high cost of living and inflation rates which are expected to linger for some time.

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