The Independent Petroleum Marketers Association of Nigeria has said the price of Premium Motor Spirit, popularly known as petrol, would continue to increase as long as the US Dollar rises in the foreign exchange market.
The National President of IPMAN, Chinedu Okoronkwo, 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.
“Government should make conscious efforts towards making CNG available for Nigerians.”
Naira dropped further to the dollar, exchanged at N782.38/$1 on Wednesday at the official market. But, it is valued at 910/$1 in the parallel market.
Consequently, the pump price of the product is expected to exceed N617/per litre.
