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.

Abdullahi Adisa Akodudu     Gbenga Adebayo     Jumoke F. Ajao     Umar Ahmed Gunu     Mansur Alfanla     Tosho Yaqub     Kwara Hotel     PAACO-PCL Consortium     Temitope Ogunbanke     ASUU     Lanre Olosunde     Isiaka Abdulrazak     Gbugbu International Market     Abdulrazaq Solihudeen     PharmAccess Foundation     Riskat Opakunle     Baba-Isale     Alikinla     Yusuf Amuda Abubakar     Valsolar Consortium     Kayode Ibrahim     Joseph Bamigboye     Sarah Alade     Samuel Elizabeth Keatswa     Durosinlohun Atiku     Salmon Babatunde Salmon     Suleiman Alege Kuranga     Femi Oladiji     Abdulrahman Abdulrazak     Hamza Usman     Edret Sabi Abel     Oba Abdulrahim     Ilorin West     Abubakar Lah     SAPZ Project     Aliyu Kora-Sabi     Okin Group     KwaraLearn     Jalala     Olumide Daniel Ibitoye     Usman Yunusa     IPSAS     Centre For Digital Economy     Adamu Ibrahim Sabi     Saka Abimbola Isau     Frootify     Ibrahim Abdulqadir Abikan     Maigida Soludero Transit     Isiaka AbdulRazaq     All Confederation Of Principals Of Secondary Schools     March 28     Peter Amogbonjaye     Kola Shittu     Sheu Ndanusa Usman     Michael Nzekwe     Abdullahi Atanda     Memunat Monsuma     Abdulrazak Shehu Akorede     Ilesha-Baruba     Saheed Akinwumi     Yahaya Seriki Gambari     Yakub Lai Gobir     Abdulkadir Akanbi-Oke     Kwabes     Ilorin Curfew     Bilikis Oladimeji     Bamidele Adegoke Oladimeji     Raliat Islamic Foundation     Oro Grammar School Old Students Association     Ayotunde Emmanuel Alao     Patigi Regatta     Moshood Bakare     Abdulganiyu AbdulAzeez     Bibire Ajape     Ilorin Anchor Men And Women     Sidikat Akaje     Sheikh Hamzat Yusuf Ariyibi    

Cloud Tag: What's trending

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

GRA     Olatunde Oyeyiola     Oke-Kura     Okin Biscuits     Basic Education Certificate Examination     Muhammad Mustapha Suleiman     Alagbado     Alaaya     Funmilayo Isiaka Oniwa     Raji Ayodele Kamaldeen     KWSIEC     Junior Secondary School Certificate Examinations     Rebecca Bake     Chief Imam Of Offa     Adamu Jemilat-Baki     Oloyede     Hassan Abdulazeez Elewu     Sulu Babaita Isiaka     Mohammed Ghali Alaaya     Ilesha-Gwanara     Bola Iyabo Ibiyeye Adisa     Post-utme     Kayode Bankole     Funmilayo Mohammed     Olota Of Odo-Owa     Guber Aspirant     Ajuloopin     Saliu Tunde Bello     University Road     Kudirat Arinola Lawal     Christian Association Of Nigeria     Bankole Omisore     Nupe     Dan Masanin     Ishaq Salman     Ali Ahmad     Suleman Abubakar     Haliru Yahaya     Florence Saraki     General Tunde Idiagbon International Airport Ilorin     Centre For Digital Economy     IF-K     Garba Ado Sanni     Garba Dogo     Abdullahi Imam Abdullahi     Aisha Buhari     Jawondo     Saduki Lafiagi     Colleges Of Education Academic Staff Union     Abdulmumini AbdulRazaq     Omotoso Musa     Bibire Ajape     Oja-Oba     Government High School (GHS), Adeta     Kehinde Boyede     Ahmed     Aliyu Muhammad Saifudeen     Abdulrahman Abdulrazaq     Yunus Lawal     Jalala     Chartered Institute Of Personnel Management Of Nigeria     Saheed Popoola     Sa\'adu Salau     Salman Alada     Amoyo     Okasanmi Ajayi     NaAllah     Tafida Of Ilorin     UNIFEMGA     Babaloja-General     Kehinde Baale     Sarah Jubril     Bisi Oyeleke     Pakata Development Association     Olateju Lukman     Alfa Modibo Belgore     Taibat Ayinke Ahmed