Home National Petrol would become N700/litre in coming days – Oil marketers tell Nigerians

Petrol would become N700/litre in coming days – Oil marketers tell Nigerians

Fuel- LagosPost.ng
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Oil marketers have warned Nigerians to prepare to buy petrol for as much as N700/litre in the coming days.

This development follows the sudden petrol hike from N540 to N617 per litre on Tuesday by the Nigerian National Petroleum Company (NNPC) Limited.

The NNPCL Group Chief Executive Officer, Mele Kyari, on Tuesday, attributed the recent rise in petrol pump price from N540 to N617 per litre to market forces.

Kyari gave this explanation Tuesday following a meeting with Vice President Kashim Shettima at the Aso Villa.

Following this, oil marketers have forecasted that petrol might sell as high as N700/litre once fresh products being imported by independent firms start arriving in Nigeria.

According to the National Controller, Operations, Independent Marketers Association of Nigeria, Mike Osatuyi, Lagos residents should prepare to buy petrol for as high as N600/N620/litre. At the same time, those living up North could pay as high as N700/litre.

Osatuyi told The Punch, “The new stock will arrive any moment from the third week in July. But you know crude is now around $82/barrel, and the exchange rate is around N800. So, the new price would be determined by these two factors.”

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