Fuel prices to shoot up to N700 per litre in July

Oil marketers have projected a new price of petrol saying that it could rise above N700 per litre in Northern Nigeria effective July.

Mike Osatuyi, the National Controller Operations, Independent Petroleum Marketers Association of Nigeria, during an interview with The PUNCH, said that prices of petrol could rise to above N700 per litre in the north after the importation of petroleum products commences from July.

According to Mike Osatuyi, people from the northern states could pay as much as N700 and above for one litre of petrol, while residents outside Lagos may pay N610 per litre and 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.