The recent hike in petrol prices by the Nigerian National Petroleum Company (NNPC) Limited, from N540 to N617 per litre, has sparked concerns among oil marketers who now predict that the cost of petrol might escalate to as high as N700/litre in the near future.
The Group Chief Executive Officer of NNPC, Mele Kyari, attributed the sudden increase to market forces during a meeting with Vice President Kashim Shettima at the Aso Villa on Tuesday.
In light of this development, independent firms are set to import fresh products into Nigeria, further impacting the fuel prices. The National Controller of Operations for the Independent Marketers Association of Nigeria, Mike Osatuyi, stated that Lagos residents may soon face petrol prices ranging from N600 to N620/litre, while those living in the Northern regions could pay as much as N700/litre.
Osatuyi explained, “The new stock will arrive sometime in the third week of July. However, with crude oil now hovering around $82 per barrel and the exchange rate at N800, the new price would be influenced by these factors.”
Following the NNPC’s price adjustment, marketers have raised their prices from the previous N500, N510, and N520/litre to between N620 and N630/litre. In some regions, particularly Ondo State, petrol is being sold for as high as N620 to N630/litre, and in certain areas of Kwara State, the prices have already reached the forecasted N700/litre.
For instance, at NIPCO, the price stood at N545 per litre, Shafa Energy priced it at N595, Rainoil charged N568 per litre, Emmanuel’s rate was N560, and Neeman reached the highest price at N700 per litre.
The potential surge in petrol prices is causing widespread concern among Nigerians, raising questions about the impact on the cost of living and daily expenses. As the situation develops, citizens await further updates and actions from relevant authorities to address this pressing issue.