The former Kaduna Central Senator, Shehu Sani has hit out at Nigerian oil marketers for projecting that petrol will be sold at N700 per litre in some parts of the country.

“Oil marketers projecting N700 per litre; that’s their way, always threatening and blackmailing the country for their greed,” Sani tweeted.

Recall that oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) National Controller of Operations, Mike Osatuyi, revealed this in an interview with The PUNCH on Wednesday.

Osatuyi disclosed that the price of a litre of petrol could rise to above N700 in the north once independent marketers start importing products from next month.

According to him, while residents in the northern states could pay as much as N700 or more for a litre of fuel, those outside Lagos should expect to pay N600 or above while those within Lagos would pay about N600.

“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,” Osatuyi said.

In the wake of the Federal Government’s official statement on the deregulation of the downstream market since May 29 when President Bola Ahmed Tinubu took over, prices of petrol have since shot up above N490/litre at stations belonging to the Major Oil Marketers Association of Nigeria and above N500 at IPMAN stations across the country. (The Guardian)

Update news