The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asserted that the cost of Premium Motor Spirit, commonly referred to as fuel, will persistently escalate in tandem with the rising value of the US Dollar in the foreign exchange market.
In an exclusive conversation with DAILY POST, Chinedu Okoronkwo, the National President of IPMAN, addressed ongoing conjecture about potential hikes in fuel pump prices. Okoronkwo emphasized that the trajectory of fuel prices remains inextricably linked to the fluctuations of the US Dollar in the forex market.
The head of IPMAN underscored that the correlation between fuel prices and the US Dollar is poised to persist if the currency’s value continues its ascent.
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 enchanted at 910/$1.
Consequently, the pump price of the product is expected to exceed N617/per litre.
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