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.

Budo-Egba     Adamu Atta     Folaranmi Aro     Kwara Restoration Project     Logun     Afonja Descendants Union     Aliyu Kora Sabi     Abdulrazaq Adebayo     ASMAU PLAZA     Saidu Yaro Musa     Maryam A. Garuba     Abiodun Oyedepo     Ilorin Emirate Stakeholders Forum     Susan Modupe Oluwole     Tanke     Babs Iwarere     IYA ALFA NLA     Federal Allocation     Olateju Lukman     Afonja     Mary Arinde     Elerin Of Adanla     Kwara Politics     Eleja Taiwo Banu     CELF     Ayoade Akinnibosun     Adesoye     Alfa Modibo Belgore     Iyabo Adewuyi     TESCOM 2025     Babaloja-General     Shururat Olatinwo     Sun Qing Rong     Katibi Ibraheem Adeola     Aso-ofi     Abdulrazaq Akorede     Local Government Pension Board     Mahe Abdulkadir     Olokoba Sulyman     Innocent Okoye     Abdulrauf Aliyu     Abdulraheem Olesin     CCT     PAACO-PCL Consortium     Lafiagi     Magaji Erubu     All Peoples Party     Al-Hikmah Radio     Hamid Bobboyi     Abubakar B.M     Muftau Akanbi Oke     Christopher Tunji Ayeni     Al-Adaby     Oko     Ibrahim Sulu Gambari     Agbarere     Aisha Ahman-Pategi     Patience Jonathan     Abdulrasheed Lafia     Yemi Sanni     Gbenga Olawepo     NIPR     Onilorin     Abdulrauf Yusuf     Split Diamond Interchange     Muyiwa Oladipo Kanu     Ilorin Likeminds Foundation     Saka Abimbola Isau     Summit University     Mahmud Babatunde Baker     Ajibike Katibi     Hassan Abdulazeez Elewu     KWSUED     Inside Kwara     Muazam Nayaya     Ajuloopin     Taofeeq Olateju    

Cloud Tag: What's trending

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

Public Holiday     Obasanjo     Dan Iya Of Ilorin     Saraki     Adeniyi Ojo     Abdulkadir Jimoh     Halimah Perogi     All Confederation Of Principals Of Secondary Schools     Ubandoma Of Ilorin     Buari Edun     AbdulRazaq Abubakar Jiddah     Okasanmi Ajayi     Issa Baba     Tunde Oyawoye     Adedeji Onimago     Baba Issa Awoye     Oba-Solagberu     Kemi Adeosun     Hassan Taiye Salam     Lanre Issa Onilu     TVC Female National Debate     Toyosi Thomas     Aro Yahaya     Elewu     Ilorin Muslim Community     Towoju     Ayedun     Bilikisu Oniyangi     Ibrahim Bio     Kwara NIPR     Awodun     Geri-Alimi Split Diamond Interchange     Maimunat Oloriegbe     Kayode Laro     Trader Moni     Is\'haq Modibbo Kawu     Saadu Yusuf     Lateef Alagbonsi     Bayo Mohammed Onimode     Iyabo Adewuyi     TIIDELab     Wahab Isa     Bola Magaji     Kayode Bankole     Chief Imam Of Offa     Kawu     Omotoso Musa     Adewuyi Funmilayo     Tunde Akanbi     Lawal Olohungbebe     Peter Obi     Dan Iya     Mansurat Amuda-Kannike     State Bureau Of Internal Revenue     Kaosarah Adeyi     Shuaib Boni Aliyu     Adijat Adebiyi     Anilelerin     Ishola Balogun Fulani     Adeola Abraham     Emmanuel Olatunji Adesoye     Sheu Ndanusa Usman     General Tunde Idiagbon International Airport Ilorin     Unilorin FM     Ayodele Kuburat Olaosebikan     Bola Sagaya     Hussein Olokooba     Kamoru Kadiri     Admiralty Villa     Ajikobi     Abdulrazaq Akorede     Yahya Mohammed     KWAFFA     Yoruba     Tuesday Assayomo     Omoniyi M. Ayinla     Ibrahim Taiwo Road