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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that the price of Premium Motor Spirit (PMS), commonly known as fuel, will continue to increase as long as the US Dollar remains on the rise in the foreign exchange market.
Chinedu Okoronkwo, the National President of IPMAN, addressed this matter exclusively with DAILY POST, offering insights into the ongoing speculation surrounding potential fuel pump price hikes.
Okoronkwo emphasized that the fluctuation of fuel prices is intrinsically linked to the performance of the US Dollar against the local currency. He pointed out that with the removal of fuel subsidy, the government no longer dictates pump prices. Instead, market forces play a significant role in determining the costs. Given that petroleum products are purchased in dollars, any surge in the dollar’s value will directly impact fuel prices, causing them to continue their upward trajectory.
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To address the situation, Okoronkwo suggested that the Nigerian government should intensify efforts to make Compressed Natural Gas (CNG) more readily available to the public. By promoting CNG as an alternative fuel source, the country could reduce its reliance on imported petroleum products and mitigate the effects of rising fuel prices.
The recent exchange rate dynamics further underscore the connection between the dollar’s strength and fuel prices. The Naira depreciated to N782.38/$1 on Wednesday at the official market, while the parallel market quoted the dollar at 910/$1. This depreciation in the Naira contributes to the expectation that the pump price of fuel could exceed N617 per litre.
This development comes after fuel marketers increased the pump price of the product from N539 per litre to over N600 per litre three weeks ago. As the currency volatility persists, consumers are likely to face the impact of these changes at the fuel stations.
