Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that Nigerians should expect the pump price of petrol to rise above N700 per litre, particularly in the Northern region starting from July.

Mike Osatuyi, the National Controller of IPMAN, disclosed this while telling residents of Lagos to expect petrol prices of around N610 per litre.

Punch reports that the new prices will take effect once independent marketers commence importing petroleum products.

Legit.ng had earlier reported that the federal government granted licenses to six companies to import petroleum products.

Apart from the newly-approved six firms, several companies have also applied for permits to import petrol and its products into Nigeria.

New petrol prices from July Also, Tunji Oyebanji, former chairman of the Major Oil Marketers Association of Nigeria and CEO/Chairman of 11 Plc, stated that consumers should anticipate new pump prices comparable to those of diesel and fuel in neighbouring African countries.

Oyebanji also noted that the final price could fluctuate based on the exchange rate and other factors.

His words: “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.

"Also 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."