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.

Bolaji Nagode     Busari Toyin Isiaka     Y.A. Abdulkareem     Adedayo Yusuf Abdulkareem     Okanlawon Taiwo     Nupe     Aliyu Umar     Abdulmalik Bashir Mopelola Risikatullahi     Bilikis Oladimeji     Zainab Abass     Maryam Ado Bayero     Photo News     Olokoba Sulyman     Rasheed Jimoh     Road Transport Employers Association Of Nigeria     Yusuf Lawal     Raliat Elelu-Habeeb     Isiaka Gold     Belgore     M.Y. Abdulrahaman     Neuropsychiatric Hospital     Wole Oke     Bolakale Ayo     KSIRS     Kola Bukoye     College Of Arabic And Islamic Legal Studies     Lawal Jimoh     Oju Ekun Sarumi     Kwara Polytechnic     Shuaib Boni Aliyu     Alapansapa     Abdulrahman Abdullahi Kayode     Aisha Abodunrin Ibrahim     Yakubu Danladi     David Oyepinola Adedumoye     Olushola Saraki     Oluronke Adeyemi     General Hospital, Offa     Muhammad Yahya     Hussein Oloyede     NFAI     Afusat Nike Ibrahim     Benin Republic     Yaman     Muhammed Aliyu     Suraj Tunji Oyewale     Jelili Yusuf     Omotosho     Jawondo     Radio SBS     Isiaka Yusuf     Abiodun Musa Aibinu     Erubu     Association Of Kwara State Online Media Practitioners     Ibrahim Abduquadri Abikan     Federal Polytechnic Offa     Senate President     COEASU     Abdulrahman Iliasu     Hameed Oladipupo Ali     Saheed Akinwumi     Idofin     Seun Bolaji     Joseph Alex Offorjama     Olosi Of Osi     Akeem Olatunji     Ahmed Ayinla Jimoh     Young Progressives Party     Niguel Gallando Marcias     KWASEIC     Dankaka     Femi Agbaje     Ilesha-Baruba-Gwanara     Chief Imam Of Ilorin     Ogbondoroko     Kawu Baraje     Basic Education Certificate Examination    

Cloud Tag: What's trending

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

KWASIEC     Ahmed Ayinla Jimoh     Suleiman Abubakar     Kayode Oyin-Zubair     University Road     Ilorin General Hospital     Elerin Of Adanla Irese     United Nigeria Congress Party     Folajimi Aleshinloye     Oloriegbe     Hameed Oladipupo Ali     Sarah Alade     Sam Onile     Abdulganiyu AbdulAzeez     Tunde Kazeem     Emir Of Ilorin     Ilorin Likeminds Foundation     Otuka     Kwara NIPR     Alimi     Ojuekun     Jare Olatundun     Ministry Of Women Affairs And Social Development     Radio Kwara     Rachael Obisesan     Muhammad Mustapha Suleiman     Mazars Consulting     Oke-Odo     Benin Republic     Summit University     ER-KANG Mining Nigeria Company Limited     Mufti Of Ilorin     Dogara     Kwara Hotel     Abiodun Abdulkareem     Salake     Ogidi-Oloje     Abdulrauf Yusuf     Communication Network Support Services     Elections     Olubukola Kifayat Adedeji     Olusegun Adeniyi     JUSUN     Ilorin South Constituency     Peter Amogbonjaye     Sardauna Of Ilorin     Harrison Osauwagboe     Iliasu     Kunle Akogun     Titus Suberu-Ajibola     Abubakar Lah     Lanre Badmus     Hamza Usman     Ndama Al-hassan     Adam Abdullahi Al-Ilory     Shehu Salau     Wahab Issa     Toyin Sanusi     Maigida     Olatunji Abdulmumeen     Abdulkadir Orire     SGBN     Salman Suleiman     Kazeem Adekanye     Bola Sagaya     Bayer AG     Kwara State Fish Farmers Association     Yakubu Gobir     Ambassador Kayode Laro     Esinniobiwa Quareeb     International Aviation College     Abubakar Abdullahi Bata     Mary Arinde     Erin-ile     Kale Ayo     Oke-opin     Hijab