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, said 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.
A former chairman of the Major Oil Marketers Association of Nigeria, and Chief Executive Officer/Chairman of 11 Plc, Tunji Oyebanji, said consumers should expect new pump prices close to that of diesel, and those of neigbouring African countries that also import petrol.
Petrol currently sells for around N495 and above in Nigeria, with diesel price approaching N800 per litre.
