BREAKING: Nigerians To Buy Fuel N700/litre From 1st July 2023

Nigerians will start to buy Fuel at N700/litre from 1st July 2023.

 

Newsonline Nigeria reports that Mike Osatuyi of the national Controller Operations of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that the price of fuel in petrol stations will rise from N500 per litre, to as high as N700 per litre.

 

This Nigeria News Platform understands that the representative of the oil marketers said fuel prices will vary from region to region, stating that it will rise to about N600 in Lagos and outside the state, but residents in Northern states will pay as much as N700 per litre.

 

 

According to Osatuyi, the price of fuel will depend on the exchange rate, the current crude price at the international market and the landing cost.

“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 in a Punch report on Thursday. 

Also, the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, said market fundamentals will determine the price Nigerians will buy petrol at retail stations, adding that the Value Added Tax (VAT) added to refined crude products will also influence the cost at the pump. 

 

“Prices of products will depend on market fundamentals, and as we speak, the Nigeria Customs Service is delaying some AGO (diesel) vessels because of the 7.5 per cent VAT. 

 

“And don’t forget, any cost incurred by marketers would be added to landing cost, and then to the pump price. The marketer would also have to add profit because they must make profit,” he said. 

Commenting on the projected fuel price, the Chief Executive Officer and Chairman of 11 Plc, Tunji Oyebanji, said neighbouring countries that import fuel have also recorded an increase in the pump price. 

“The truth now is that if you look at the prices of other West African countries that also import petrol, then, you will have an idea of what the price will likely be once companies start importing. 

“So, if the price we have now is not anywhere close to theirs, then, we are not yet there. Another indicator should be the current price of diesel,” he said.