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.

Split Diamond Interchange     Balogun Gambari     Sherif Sagaya     Olupako Of Share     Abdulrazaq Solihudeen     Musa Aibinu     Abdulmajeed Abdullahi     IF-K     Maimunat Oloriegbe     Inside Kwara     Abdulrahman Abdullahi Kayode     Adisa Logun     Tafida Of Kaiama     Suleiman Rotimi Iliasu     Ayobola Ipinlaiye     Muhammad Akande Olarewaju Odunade     Kale Bayero     Admiralty Villa     Olaiya Victor Mobolaji     AbdulGaniyu Kareem     SWAN     Henry Olaosebikan     International Public Sector Accounting Standards     Ibrahim Sulu Gambari     Jelili Yusuf     Abraysports FC     NFAI     Peter Amogbonjaye     Al-Ilory     Unicontinental Construction Company     Oluronke Adeyemi     Mopelola Abdulmaliq-Bashir     Amina El-Imam     Adesoye College     Jamiu Oyawoye     GGDSS Pakata     Usman Rifun     Kwara State Sports Commission     Ayo Opadokun     Mansur Alfanla     Millennium Development Goals     Ahmad Olayiwola Kamaldeen     Oladimeji Thompson     ITP     Kwara Teaching Service Commission     Mohammed Ghali Alaaya     Modupe Oluwole     Raliat AbdulRazaq     Mohammed Tunde-Jimoh     Ishaq Oloyede     Hauwa Nuru     Akeem Olatunji     Sam Onile     Ahmad Ali     Yusuf Abubakar     Folorunsho Alao     Ibraheem Abdullateef     Ahmed Mohammed Rifun     Bamidele Adegoke     Bayo Mohammed Onimode     Moses Adekanye     Federal College Of Education (Special), Afon     Balogin Alanamu     Amusa Bello     Mufti Of Ilorin     Kola Olota     Akande Idowu Ayoola Muhammed     Kisra     Ghali Muhammed     Olaitan Adefila     Erubu     2023 Elections     Olanrewju Okanlawon Musa     GAMA     Col. Ibrahim Taiwo     Valsolar     Mohammed Danjuma    

Cloud Tag: What's trending

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

Ubandoma     Saraki     Oluranti Idowu     Diagnostic Centre     Atiku     Mahee Abdulkadir     Emmanuel Bello     Yakubu Mohammed Abdullahi     Garuba Alikinla Shittu     Ayobami Akanbi     Ilorin International Airport     Old Oyo     Wahab Issa     IYA YUSUF     Usman Yunusa     Yahaya Oloriegbe     Oniyangi Kunle Sulaiman     Henry Makinwa     Ambassador Kayode Laro     Federal Allocation     Onilu     Asiwaju Bola Tinubu     Ibrahim Oniye     Ijagbo     Hikmah AbdulKareem     Kabir Shagaya     Ilorin Like-Minds     Oloriegbe     Shuaibu Yaman     Omoniyi     Ganmo Power Sub-Station     School Of Nursing     Obasanjo     March 18     Jumoke Monsura Gafar     Jare Olatundun     John Olajide Adedipe     Aminu Adisa Logun     Henry Olaosebikan     Ademola Kiyesola     Baruten     Rafiu Olasile     Arca Santa     Sango-UITH Road     Dogara     Taibat Ayinke Ahmed     SAPZ Project     Prince Sunday Fagbemi     Aliyu Sabi     Muhammed Danjuma     Aliyu Salihu     Akeem Lawal     08001000100     State Bureau Of Internal Revenue     Shuaib Jawondo     Magaji Are     Sardauna     Ogbondoroko     Veterinary Teaching Hospital     Alagbado     Opolo Global Innovation Limited     Olatunji Ayeni     Awwal Jawondo     Kwara University Of Education     Kamoru Kadiri     Wahab Abayawo     Sabi     TESCOM 2025     ER-KANG     National Broadcasting Commission     Ibrahim Gambari     Shehu Alimi Foundation For Peace And Development     Seun Bolaji     Isiaka Alikinla     Valsolar Consortium     Shettima Of Ilorin     Joseph Alex Offorjama