Get ready to pay N750/litre for petrol when subsidy is removed — IPMAN tells Nigerians

As the FG prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months, stakeholders in the sector have told Nigerians to be ready to pay as much as N750 per litre of petrol at filling stations.

According to report, this was the highpoint of stakeholders’ interventions during an online workshop, organized by Independent Petroleum Marketers Association Nigeria (IPMAN) with the theme, “Deregulation of the Nigerian Downstream Sector: The Day After.”

In their separate interventions during the online workshop, stakeholders emphasised the need for the government to address the challenges facing the sector.

Okoronkwo warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal. He however, pointed out that the projected pump price was likely to drop to around N500 if the government encouraged the CBN to provide foreign exchange for marketers at the official rate.