Oil marketers say that the average cost of petrol could rise to about N700/litre from July, should fuel subsidy be brought to an end in June as projected by the Federal Government.
The development means that the expense by Nigerians for fully deregulated petrol could rise by N6tn during the six-month period, going by the government's insistence that fuel subsidy would end in June.
In February, the Group Chief Executive Officer, of Nigerian National Petroleum Company Limited, Mele Kyari, stated that over 66 million litres of PMS daily into the market by NNPC Limited to keep the country wet.
He says that Nigerians would pay about N46.2bn daily for petrol, translating to approximately N1.4tn monthly and N8.4tn in six months.