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.

Chikanda     Bayo Mohammed Onimode     Ijakadi     Kwara Coalition Of Business And Professional Associations     Oko     Sidikat Akaje     Nigeria Customs Service     Suleiman Abubakar     Theophilus Oyebiyi     High Court     Offa Grammer School     Zaratu Umar     Abdullahi Samari     Abubakar Atiku     Bayo Lawal     Galland Marcias     Adolescent Girls Initiative For Learning And Empowerment     Facebook     Abdulrazak Shehu Akorede     Quareeb Islamic Association     Suleiman Alege Kuranga     Eleja     Folaranmi Aro     Bisi Oyeleke     Ben Duntoye     Bola Magaji     Saba Mamman Daniel     Kwara State Internal Revenue Service     Sabi     Mohammed Abduraheem     Abdul-Rahoof Bello     Olatunde Olukoya     Ilorin Talaka Parapo     Ayekale     Garuba Alikinla Shittu     Sadiq Umar     Hydro-electric Power Producing Areas Development Commission     Mashood Abdulrafiu Agboola     Yomi Adeboye     Ganmo Electricity Sub-Station     08001000100     NIPOGA     Afolasade Opeyemi Kemi     Ajayi Okasanmi     Ayinke Saka     Bola Shagaya     Kwara Primary Health Care Development Agency     Lanre Issa-Onilu     Ahmad Olanrewaju Belgore     Aso-ofi     Sabi     Elesie Of Esie     Adanla-Irese     JAMB     Saka Adeyemo     Micheal Imoudu     IQRA College     Sulaiman Gado     Yusuf Ali     Kwara State Geographic Information Service     Ilesha Gwanara Road     General Hospital, Offa     Kwara State Branch Of The National Library     Prince Bola Ajibola     Ballah     Junior Secondary School Certificate Examinations     Saidu Isa     07039448763     Baba-Isale     Ariyo     Saka Balikis Kehinde     Code Of Conduct Bureau     Volunteers Of Ilorin Community And The Emirate     Jimoh Bashir     Timothy Olatunde Fadipe     Coronavirus     ANCOPPS    

Cloud Tag: What's trending

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

Afolayan     Niyi Ogundiran     Alfa Modibbo Belgore     LEAH Charity Foundation     General Tunde Idiagbon International Airport Ilorin     Shero     Mufti Of Ilorin     Justina Oha     Aremu Bose Deborah     Olayinka Olaogun     N-Power     Bello Taoheed Abubakar     Monsurat Omotosho     Turaki     Nnazua     Kolawole Akande     Medview Airlines     Ayodele Olaosebikan     Hajj     Sa\'adu Salau     Doyin Group     Ethical College     Alapansapa     Mahfouz Adedimeji     KFA     Presidential Election     Charles Ibitoye     MalHub     Jawondo     Olaiya Victor Mobolaji     Shururat Olatinwo     KWACOBPA     Shuaib Olarongbe     Binta Abubakar-Mora     Centre For Community Empowerment And Poverty Eradication     Galadiman Ngeri     Abubakar Lah     Raliat AbdulRazaq     Yahya Mohammed     Musa Alhassan Buge     United Nigeria Congress Party     Vasolar Consortium     Soffiyyallah Kamaldeen     ASKOMP     Fatai Adeniyi Garba     Jimoh Olusola Imam     CCB     Oloje     GAMA     Ayodele Shittu     Usman Rifun     Lanwa     Ola Falade     Muslimah Entrepreneurship Forum     Yahaya Dumoye     Adanla-Irese     Femi Gbajabiamila     Awili Pedro     Jalala     Paul Odama     Mamatu Abdullahi     Pius Abioje     Suleiman Yahya Alapansapa     Moses Afolayan     Government House     Olaiya Lawal     Lai Gobir     ER-KANG Mining     Akande Idowu Ayoola Muhammed     Isin     Fatima Abolore Jimoh     Sidikat Akaje     Kazeem Gbolagade     Hameed Oladipupo Ali     Orisa Bridge     Babatunde Idiagbon     Bashir Badawi