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.

Mohammed Saidu     Leke Ogungbe     Abubakar Baba     Ibrahim Bio     20 Billion Bond     Ilorin International Airport     John Kehinde Salako     Valsolar     David Oyedepo     Jumoke F. Ajao     Jawondo     Mutawali     Salihu Ajia     Moses Rahman Popoola     Nurudeen Muhammed     Twitter     Erubu     Kunle Suleiman     Sunday Otokiti     Kunle Okeowo     Hussein Oloyede     Maigidasanma     Funmilayo Isiaka Oniwa     Adedayo Yusuf Abdulkareem     Atiku Abubakar     National Association Of Nigerian Students     Omoniyi Ayinla     Florence Saraki     Bola Magaji     Sulyman Age AbdulKareem     Isin     Matthew Okedare     Sun Qing Rong     Segun Abifarin     Timothy Akangbe     SDP     Abiodun Jacob Ajiboye     Kolawole Bashirat     Post-utme     Zubair Folorunsho Erubu     Ebola     Maryam Ado Bayero     Yusuf Mubarak     Valsolar Consortium     Tunji Folami     John Olobayo     Dar-Al-Handasah Consultants     Kamaldeen Kehinde     Admiralty Villa     Adamu Ibrahim Sabi     All Confederation Of Principals Of Secondary Schools     Abdulquowiyu Olododo     Bature Bello     Kuliyan Geri     Ganiyu Abolarin     UNIFEMGA     Age AbdulKareem     Sheikh Hamzat Yusuf Ariyibi     Odolaye Aremu     Danladi     Fatai Garuba Labaka     Students Union Government     Isaac Gbenle     Isapa     Adesoye College     Federal Allocation     Ilorin Amusement Park     Ilorin Durbar     Balogun-Ojomu     Salary     Oko-Erin     Quareeb Islamic Association     Olaosebikan     Tunji Ajanaku     Ahmed Bolaji Nagode     Najim Yaasin     Jimoh Akani    

Cloud Tag: What's trending

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

Ibraheem Adeola Katibi     Ishaq Salman     Adeniyi Ojo     Musbau A. Akanji     Flights To Ilorin     Asa     Sanitation Exercise     Shehu Jimoh     Yusuf Ibitokun Sherifat     Hussein Oloyede     Emir Of Ilorin     Christopher Odetunde     Otunba Taiwo Joseph     Isiaka Alikinla     General Tunde Idiagbon International Airport Ilorin     Bola Olukoju     Oni Adebayo     Oyelere Oyinloye     University Road     Ilorin Central Mosque     Sobi     Donatus Ejidike     Peter Amogbonjaye     CT Ayeni     Bolaji Gambari     MINILS     Kehinde Baale     GANZY     Sam Onile     Baba Issa     Ilorin Descendants Progressive Union     AbdulHamid Adi     Sabo-Oke     Jimoh Bashir     Funmilayo Mohammed     Falokun-Oja     Durbar Festival     Muftau Akanbi Oke     Akeem Olatunji     Olatunji Bamgbola     Quareeb Islamic Association     Communication Network Support Services     Mufutau Olatinwo     Ramadhan     Dankaka     Suleiman Alege Kuranga     John Mayokun Dada     Kamaldeen Gambari     SGBN     Shettima Of Ilorin     NIPR     Sobi Specialist Hospital     Ike Ekweremadu     Jebba     Yahaya Dumoye     Ado Bayero     Elekoyangan     Toyin Olayinka Tejidini     Abraham Ojo     Hydroelectric Power Producing Areas Development Commission     Olosi Of Osi     Oba Mogaji Abdulkadir     Makama Of Kaiama     Nigeria Association Of Women Journalists     Inside Kwara     Bolaji Abdullahi     BECE     Wahab Isa     Lawyers Unite Against Corruption     Magaji Erubu     Theophilus Oyebiyi     Simon Sayomi     Majlis For Sadaqah, Zakat And Waqf     Baboko     Yemi Sanni     Kwara State Sports Commission     Aisha Ahman Pategi