By Kamsi Anayo
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted of a possible increase in the price of Premium Motor Spirit, popularly known as fuel.
The body said that the price would continue to increase as long as the US Dollar rises 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 at the official market. But, at the parallel market dollar is exchanged 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 N620 per litre.
