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.

Teachers Specific Allowance     Oyin-Zubair     Ilorin East/South Federal Constituency     Rasaq Jimoh     Oba Abdulraheem     Vasolar     Wahab Agbaje     Gbenga Olawepo     Kayode Ibrahim     Overland     Mohammed Jimoh Faworaja     Chief Imam Of Lafiagi     NIRSAL     Kwara State Television (KWTV)     Afolasade Opeyemi Kemi     Idris Garuba     Kumbi Titiloye     Oluronke Adeyemi     Ilesha-Baruba     Mamatu Abdullahi     CACOVID     Saheed Popoola     Umaru Saro     New Nigeria People’s Party     Noah Yusuf     Saliu Oluwole     Aliyu Alhassan     Nigeria Foundation For Artificial Intelligence     Bamidele Aluko     Maja     Lawyers Unite Against Corruption     Justina Oha     Saliu Tunde Bello     Onilupeju Of Ilupeju     National Party Of Nigeria     Aso Ofi     Magaji Nda     Sunset Workers     Oke Sunna     Abdulmajeed Abdullahi     Aisha Buhari     Ndakene     Dauda Adeniran Adeshola     Innocent Okoye     Omu-aran     Kwara TV     Saduki Lafiagi     Atunwa     Saad Belgore     Offa Metropolitan Club     Yakubu Dogara     Kwara Coalition Of Business And Professional Associations     Kale Bayero     Abubakar Baba     Agbarere     Abdulhakeem Amao     Ademola Kiyesola     Al-Hikmah Radio     Simon Sayomi     Otunba Taiwo Joseph     Press Release     Omupo     Abdulazeez Arowona     Summit University     Abdulrazaq Akorede     Ridwan Agboola     Marafan Shonga     Sa\'adu Salahu     Ibrahim Bio     Olushola Saraki     Aminu Adisa Logun     Amina El-Imam     Babs Iwarere     Ajikobi     Pacify Labs     Abdulkadir Akanbi-Oke     Abdullateef Abdussalam    

Cloud Tag: What's trending

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

Bahago     Dunmade     Kudirat Arinola Lawal     Nigerian Army     Dauda Adesola     Rex Olawoye     CLAY POT     Ministry Of Women Affairs And Social Development     Balogun Gambari     Aliyu Salihu     Universal Basic Education Commission     Ilesha-Gwanara     Kwara Coalition Of Business And Professional Associations     Odo-Owa     Abdulfatai Salman Baakini     Islamic Development Bank     Aro Yahaya     Idris Garuba     Neuropsychiatric Hospital     Elerinjare     Muyiwa Oladipo Kanu     Ayodele Shittu     N-Power     Lukman Adeloyin     Saraki     Makama Of Kaiama     Assayomo     Yunus Oniboki     Abdulwahab Olarewaju Issa     NaAllah     Najim Yaasin     Mahmud Durosinlohun Atiku     Hassan Taiye Salam     Ibikunle Ogunleye     Senior Special Assistant On Student Affairs     Salary     Just Law Forum     Baruba     Habeeb Saidu     Suwa-Arabs     Umar Sanda Yusuf     Sheikh Hamzat Yusuf Ariyibi     IF-K     Shagari     Olubukola Kifayat Adedeji     Sulu Gambari     Bolakale Ayo     Ilorin Descendants Progressive Union     Olatunde Jare     Ayinde Oyepitan     Oya State     Adewuyi Funmilayo     Revenue Court     Mohammed Alabi Lawal     MINILS     Ilorin East/South Federal Constituency     Aliyu Sabi     Sarafadeen Kayode Akorede     Yakubu Danladi     Rotimi Oyedepo     Abdulmumini Sanni Jawondo     Abdul-Rasheed Na\'Allah     Henry Olaosebikan     Abdullahi Atanda     Onikijipa     Labour Party     General Tunde Idiagbon International Airport Ilorin     Valsolar     Adamu Attah     Olota Of Odo-Owa     ER-KANG     Mohammed Kamaludeen     Olatunji Ayeni     Mutawalle     Mamatu Abdullahi     IYA YUSUF     Christian Association Of Nigeria