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.

Oniwasi Agbaye     Clara Nwachukwu     AbdulKareem Yusuf Danhawa     Joseph Yemi Ajayi     Ashiru     Saidu Yaro Musa     Ijakadi     Village Alive Development Association     NAWOJ     Vasolar Consultoria     Salihu Alhaji Musa     Ramadhan     Ilorin Innovation Hub     Mahmud Durosinlohun Atiku     Edret Sabi Abel     Chief Imam Of Ilorin     Gani Saadu     Quran     Oke-Odo     Raji AbdulRasaq     Saadu Alanamu     VADA     Durbar     Sun Qing Rong     Umar Danladi Shero     Roheemat Hammed     Kwara North     Mohammed Saidu     Paul Olawoore     Saad Omo\'ya     Gwanara     Kayode Issa     Tsaragi-Share     Olaiya Zuberu     Gafaru Olayiwola Olorisade     Hamid Bobboyi     Alloy Chukwuemeka     Obasanjo     CCEPE     Pacify Labs     NFAI     Oluwole Dupe     Olatunji Ayeni     Femi Gbajabiamila     Halimah Perogi     Osinbajo     Ado Ibrahim     Rotimi Samuel Olujide     Sheriff Olanrewaju     Zara Umar     Orisun Igbomina     CACOVID Palliatives     Makama     Suwa-Arabs     Bola Magaji     Mustapha Olanipekun     Saadu Gbogbo Iwe     N-Power     Fulani     Oni Adebayo     Nupe     CKNG     Hassan Abdulazeez Elewu     Ali Ahmad     Oloruntoyosi Thomas     Kayode Ibrahim     Funmilayo Mohammed     EFCC     Abdulazeez Uthman     Alfa Modibo Belgore     David Oyerinola Adedunmoye     Seed Technologies     Computer Based Test     Lucky Omoluwa     Road Transport Employers Association Of Nigeria     Suleiman Yahya Alapansapa     Gbemisola Saraki    

Cloud Tag: What's trending

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

Ajidagba     Saka Onimago     Veterinary Teaching Hospital     Bello Oyebanji     Onikijipa     Kayode Zubair     Sa\'adu Salahu     Sobi     Twitter     George Funsho Adebayo     Manzuma     AbdulRaheem Ahmad Shayi     Garba Dogo     Amuda Bembe     Bayo Ajia     SSA Youth     Adesoye     HAMFAT Clinic And Maternity     Elerinjare     Laboratory-to-Product     Chief Of Staff     Kwara Coalition Of Business And Professional Associations     JAAC     Kwara North     Aremu Bose Deborah     Abdulmumini AbdulRazaq     Academic Staff Union Of Universities     NURTW     Oniwasi Agbaye     Maigidasanma     Government High School (GHS), Adeta     Kwara Metro Park     Micheal Imodu-Ganmo Road     Ayoade Akinnibosun     Oloruntoyosi Thomas     Noah Yusuf     Idiagbon     Paul Olawoore     John Obuh     Nurudeen Muhammed     Yusuf Ali     Christopher Ayeni     Agbarere     IsDB     KWASSIP     Saliu Oluwole     Owu Fall     Abdulsalam Firdaous Amosa     Bola Sagaya     Shonga     Mumeen Lah     Hussein Olokooba     Oba Abdulraheem     Muhammed Aliyu     Seni Saraki     Olabimpe Olani     Dar-Al-Handasah Consultants Ltd     Sobi FM     Agboola Babatunde     Pacify Labs     Young Progressives Party     Senate President     Durosinlohun Atiku     Ilota     UTME     Muhammed Akanbi     Hassan Taiye Salam     Kwara     Hassanat Bello     Mahe Abdulkadir     Moses Afolayan     CACOVID     Amos Bajeh     Abdulquawiy Olododo     Theophilus Oyebiyi     Ballah     CUTI