Petroleum marketers alert Nigerians on another fuel price hike, give reasons

By Ezurike Ugochukwu

The Independent Petroleum Marketers Association of Nigeria(IPMAN) has alerted Nigerians that the increase of the price of Premium Motor Spirit, popularly known as fuel had not ended but would continue to go up.

The National President of IPMAN, Chinedu Okoronkwo made the disclosure in his reaction to speculation of likely further hike in fuel pump price, he said that as long as the US Dollar continues to rise in the foreign exchange market, the price will keep on rising.

Okornkwo noted that fuel price will never come down until dollar does, that it will keep soaring if the dollar keeps rising in the forex market.

Okonkwo

“Nigerians should understand that with fuel subsidy removal, the government is no longer determining pump prices but the market forces. The product is bought in dollars. The dollar is around 890/$1 now. As the dollar climbs, fuel pump prices will continue to go up,” he said

Proffering solution, he urged the government to double up efforts to make Compressed Natural Gas available for Nigerians.

“Government should make conscious efforts towards making CNG available for Nigerians”, he stated.

Naira dropped further to the dollar, exchanged at N782.38/$1 on Wednesday at the official market. But, at the parallel market dollar is enchanted at 910/$1.

The recent jerk up of fuel Price in Nigeria to N617 per litre from N537 in Abuja has undoubtedly brought Nigerians on their knees as they struggle to keep up with the rising cost of goods and services.

Only time will tell how average Nigerians would be able to cushion the effect of another increase being speculated.