The Independent Petroleum Marketers Association of Nigeria
said the price of Premium Motor Spirit, popularly known as fuel would continue
to increase as long as the US Dollar rose in the foreign exchange market.
Chinedu Okoronkwo, the National President of IPMAN,
disclosed this while reacting to speculation of
further fuel pump hikes.
The IPMAN’s boss noted that fuel price will keep soaring if
the dollar keeps rising in the forex market.
He said: “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.
As a 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.
Consequently, the pump price of the product is expected to
exceed N617/per litre.
Recall that three weeks ago, fuel marketers increased the
fuel pump price from N539/per litre to over N600/per litre.
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Govt should consider partial subsidy because people are dying. Govt workers are the ordinary Nigerians while those that are not working with govt and no bissiness to do constitute the classless Nigerians and are in the majority. Come to the aid of the masses bana tinubu
ReplyDeleteNo, it's part of the change. Let's enjoy it as it last. Renewed hope, sai JAGABAN 💪💪🤸🤸😋😋😆😆
DeleteYeah jagaban is the best choice among all candidates in 2023. All of them promised to remove subsidy in their campaign. He stand out among them because he was the only one that has no hidden agenda.
ReplyDelete