Fuel pump price to increase as naira falls – IPMAN

The price of Premium Motor Spirit, often known as fuel, will keep rising, according to the Independent Petroleum Marketers Association of Nigeria, as long as the US Dollar appreciated on the currency exchange market.

The National President of IPMAN, Chinedu Okoronkwo, revealed this to Platinum Times exclusively in response to rumors of additional gasoline pump price increases.

The head of IPMAN stated that if the dollar continues to rise in the foreign market, petrol prices will continue to surge.

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.

The official market exchange rate for the naira on Wednesday was N782.38/$1. This represents a further decline in value. However, the dollar is charmed at 910 to 1 on the black market.

As a result, it is anticipated that the product’s pump price will reach N617 per litre.

According to Platinum Times, three weeks ago, fuel marketers raised the price at the pump from N539 per litre to more than N600 per litre.

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