IPMAN Says AGO Hike Will Trigger Worse Inflation  

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), says the increase in the price of Automotive Gas Oil (AGO) popularly called diesel portends stiffer hardship for the people.
Mr Chinedu Anyaso, Chairman of IPMAN, Enugu Depot, said this in an interview with journalists, in Awka on Friday.
Recall that two weeks ago, the per litre price of diesel was increased from N400 per litre to N650, in Awka, the Anambra State capital and its environs.
Diesel is the major source of energy for articulated vehicles, industries and hotels in the absence of power supply.
According to Anyaso, the increase in the price of most refined petroleum products may not be unconnected to the rise in price of crude oil in the international market.
Anyaso said the instability in prices of diseal wasn’t good for marketers and businesses as well.
“We are worried with the rise in the price of diesel and other petroleum products. It is affecting our members because each time we go to depot, there is an increase.
“It will certainly lead to general inflation because AGO is the major source of fuel for most transporters and manufacturing companies,” he said.
Anyaso tasked the Federal Government to decisively address the country’s refining capacities by fixing the existing refineries or build new ones to protect citizens from the effect of International crude price.
He regretted that the downstream sector relied completely on importation while expressing fears that there could be supply problems if the crisis in Ukraine persisted.
He, however, assured that IPMAN would continue to ensure seamless distribution of available products in the Southeast at the prevailing market price.

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