The Independent Petroleum Marketers Association of Nigeria (IPMAN), may have alerted on further increase in the pump price of Premium Motor Spirit (PMS), known as petrol in Nigeria.
IPMAN National President, Chinedu Okoronkwo, in a media interaction, stated that as the exchange rate of naira to dollar continues to rise, the price of petrol will continue to increase in the country.
Okoronkwo was cited to have stated: “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.”
He added, “Government should make conscious efforts towards making CNG available for Nigerians.”
The Naira exchange rate to a dollar was N782.38/$1 at the official market on Wednesday, while it was 910/$1 at the parallel market.