Anticipate Another Hike In Fuel Pump Price As Naira Depreciates, IPMAN Alerts Nigerians

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has alerted Nigerians of another round of fuel pump price hike going by the rate of Naira depreciation in exchange rate.

The National President of IPMAN, Chinedu Okoronkwo confirmed the possible hike, saying that as long as the Dollar exchange rate continues to increase in foreign exchange market, the fuel pump price will also increase.

According to Daily Post Report, Okoronkwo confirmed this while responding to inquiries on speculation of possible hike in pump price of the fuel.

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 exchanged at 910/$1.

Consequently, the pump price of the product is expected to exceed N617/per litre.