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'Fuel price increase is inevitable'

09 September 2016, 12:17

Abuja - The Independent Petroleum Marketers Association of Nigeria, IPMAN, has warned the speculated increase in fuel price is imminent, Vanguard reports.

This came as expert blamed marketers of insensitivity to price moderation when government placed a cap on petrol price in May. But, other operators have argued that the price of petrol is driven by laws of economies, which cannot be altered for a long time, and as such is expected to increase giving the current challenges of FOREX and others.

The National President, IPMAN, Chinedu Okoronkwo, stated that flexible way to assessing FOREX has been given rather than black market dependence for the purpose of importing critical items to the country. He said, “But I will advice for total deregulation.

The price moderation, which is the cap placed is not healthy for the petroleum industry to grow. “There are people who have the FOREX to bring product and sell.

Oil marketers have said that increase in the pump prices of petrol is imminent due to the continued scarcity of foreign exchange to finance the importation of the product according to News24.

The marketers say if not urgently addressed, the pump prices of petrol will not remain at the approved rates.

According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market.

- News 24

Tags ipman nigeria

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