Connect with us

    Hi, what are you looking for?

    News

    Nigerians Are in for More Hardship as IPMAN Mulls Another Pump Price Hike

    Pump Price

    Independent Petroleum Marketers Association of Nigeria (IPMAN) 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, according to Daily Post.

    Chinedu Okoronkwo, the National President of IPMAN, disclosed this to Daily Post exclusively 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.

    It would be recalled that three weeks ago, fuel marketers increased the fuel pump price from N539/per litre to over N600/per litre.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...

    E-Financial

    The Bank of Ghana (BoG) has suspended the remittance partnerships of several fintech companies including Flutterwave, Tap Tap Send, and others for a period...