Forex scarcity responsible for kerosene price hike -IPMAN

Date: 2017-01-08

Olanrewaju Okanlawon, a factional Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), in Kwara has ascribed the recurring hike in the price of kerosene to the unstable foreign exchange occasioned by the lingering economic recession.

Mr. Okanlawon told the News Agency of Nigeria (NAN) in Ilorin on Saturday that the association should not be blamed for the series of complaints emanating from members of the public particularly from the domestic users of the cooking fuel. He cleared the association of any deliberate move to inflict hardship on the masses, who he noted, were already facing hardship due to economic recession.

He pointed out that it would be unfair to compound the economic situation of the people by needlessly jacking up the price of kerosene in an attempt to make additional profit.

According to him, the domestic cooking commodity is being imported and the situation will persist unless government encourages right measures to stabilise the nation's economy. "It is necessary for the government to effect surgical operation on the country's monetary policy to reduce over-dependence on dollar. "It remains the determinant factor in the foreign exchange policy of the Federal Government," he said.

The petroleum marketer, however, said that the effect of foreign exchange was not peculiar to petroleum sector, saying it had become pervasive in every sector of the economy. He urged government to devise a timely action to stem the tide.

"The major factor that is bringing everything up (the rise) is in dollar, because most of these products (kerosene and others) are imported. "As long as kerosene is sourced with dollar, definitely the price will go up.

` "If you are talking about high cost of kerosene and cooking gas, what do you have to say about aviation fuel that has also risen?" he stressed. According to him, as long as the dollar is going up, the multiplier effect of it is rising up of prices of goods. "It affects everything because almost everything we are using in this country is sourced with dollar.

"If government can manage the monetary policy by ensuring that dollar comes down, prices of goods will come down too," he noted. (NAN)

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Oasis Muslim Care Foundation     Ibrahim Abduquadri Abikan     Academic Staff Union Of Universities     Okanlawon Taiwo     N-Power     Susan Modupe Oluwole     Afolabi-Oshatimehin     Erubu     Share/Tsaragi     Kwara     AGILE Programme     Vasolar Consultoria     Kazeem Adekanye     Towobola Abdulrahman Toyin     Haliru Dantoro     Bola Iyabo Ibiyeye Adisa     Ilorin Curfew     Gbugbu     College Of Health     Dapo Teni Nig Enterprise     Olatunde Olukoya     Sulyman Age AbdulKareem     Ayo Salami     Lola Ashiru     Ubandawaki     Olota Of Odo-Owa     Share     Saka Abimbola Isau     Shonga Farm Project     Jamiu Oyawoye     Eruku     Maimunat Oniyangi     Bayo Onimago     Bond     Abdulwaheed Musa     Eleyele     Muftau Akanbi Oke     Salau Kabiru Abdullahi     Sardauna Of Ilorin     Idi-Ape     Abdulraufu Mustapha     Fatai Olodo     Oke-Odo     Lanre Jimoh     Mutawali Of Ilorin     Kazeem Oladepo     HYPPADEC     Abdulquawiy Olododo     Sodiya     Balogun-Ojomu     Bukola Ajikobi     Orire     TETFUND     NTA Ilorin     Asa     Ado Bayero     Balikis Jawondo     Awodun     Ayobola Ipinlaiye     A.E. Afolabi     Kpotum Mohammed Baba     Ayedun     Balogun Fulani     Gaa Olobi     Babata     Olaosebikan     Kwara State Coalition Of Business And Professional Associations     Prince Sunday Fagbemi     Adedayo Yusuf Abdulkareem     Dan-Kazeem     Kaiama     Olatunji Ibrahim     Aisha Gobir     ENetSuD     Mike Omotosho     Ahmed Alhasssan     Joseph Alex Offorjama    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Akeem Lawal     Ganiyu Taofiq     Isiaka Gold     Lawal Arinola Kudirat     Rafiu Olasile     Ilorin Innovation Hub     Ashiru     Baboko     Adamu Attah     Igbaja     Omoniyi     Sunday Otokiti     Abdulmutalib Shittu     Gaa Olobi     Kwara State Internal Revenue Service     Sanitation Exercise     AbdulGafar Tosho     Abioye Bello     Saadu Gbogbo Iwe     Bello Taoheed Abubakar     Olokoba Abdullahi Ayinla     Hausa     N-Power     Albert Ogunsola     Ado Bayero     Jaigbade Alao     Oya State     Seun Bolaji     KWIRS     Oniyangi     Y.A. Abdulkareem     Ethical College     Gafaru Olayiwola Olorisade     Yusuf Abdulraheem     Bursary     Kwara     Towoju     Lanre Issa Onilu     AbdulRazaq Jiddah     Abubakar Olusola Saraki     Omoniyi Ayinla     Patigi Regatta     Ahmad Lawan     Oke-opin     Mohammed Lawal Bagega     Erin-ile     Segun Adeniyi     UITH     Yusuf Lawal     Adegoke Bamidele     Igosun     Osuwa     Ilorin Likeminds Foundation     Oluwarotimi Boluwatife Adenike     Oko-Olowo     Oju Ekun Sarumi     PAACO-PCL Consortium     Smart School     Bello Bature     Kamaldeen Gambari     Ilorin Central Mosque     Sunset Workers     Erubu     Yakub Lai Gobir     Alaiye     Raymond Olaitan     Allocation     Abubakar Lah     Yekini Adio     Sodiya     Hussein Oloyede     Kisira     Oluwatoyin Lukman     Computer Based Test     Roheemat Hammed     NITDA     Edret Sabi Abel