Business

Fuel marketers hint on further hike in prices as Naira slumps against Dollar

Published

3 years ago

August 10, 2023

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that fuel price will continue to rise in Nigeria.

In an interview with Journalists, the National President of IPMAN, Chinedu Okoronkwo, said the price of Premium Motor Spirit (PMS, popularly known as fuel would continue to increase as long as the US Dollar rise in the foreign exchange 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 (CNG) available for Nigerians.

“Government should make conscious efforts towards making CNG available for Nigerians”, he stated.

Naira had dropped further to the dollar, exchanging at N782.38/$1 on Wednesday at the official market.

But, at the parallel market, it exchanged at 910/$1.

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