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.

Ali Ahmad     Gambari     Yakub Lai Gobir     Talaka Parapo     Elese Of Igbaja     Nigerian Medical Association     Oloriegbe     Bilikisu Oniyangi     Ibrahim Mashood     Revenue Court     Okiki     Iyabo Adisa Ibiyeye     ITP     Adedipe     Mutawali Of Ilorin     Rapheal Ashaolu     Hameed Oladipupo Ali     Special Adviser On Digital Innovation     Abdulazeez Uthman     Atunwa     Saliu Oluwole     Saliu Tunde Bello     Ijagbo Health Centre     Mahmud Ayinla Giwa     Soffiyyallah Kamaldeen     Oko-Erin     Shola Odetundun     First Lady     Olatunde Michaels     Turaki     Photo News     Hamidu Olowo     IHS     Eleja     Adama Isa     Abdullahi Atanda     Babatunde Idiagbon     Abioye Bello     Neo Mundo Ltd     Maigida     Samuel Adaramola     Economic And Financial Crimes Commission     Garba Dogo     Sidikat Akaje     Boko Haram     Femi Oladiji     Osinbajo     Ajibola Ademola Julius     Suleman Abubakar     Apata Ajele Secondary School     BECE     Wale Oladepo     Abdulfatai Baakini     Atiku     Aliyu Muhammed     Ahman Pategi University     Agboola Abdulraheem     Umar Ayinla Saro     AIT Ilorin     Shaaba Lafiagi     Ilofa     Nigerian Supreme Council For Islamic Affairs     Kawu Baraje     Razak Atunwa     Okeose Christian Cementary     Y.A. Abdulkareem     Tafidan Kaiama     Oniwa     Adesina Simon Sodiya     Ganmo Power Sub-Station     Sheriff Olanrewaju     Ifelodun     Stephen Fasakin     Ayodele Olaosebikan     HAMFAT Clinic And Maternity     All Confederation Of Principals Of Secondary Schools     Katibi Ibraheem Adeola    

Cloud Tag: What's trending

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

Dauda Adeniran Adeshola     AbdulRazaq Jiddah     Akande Idowu Ayoola Muhammed     Mohammed Yisa     Olatinwo     Ajasse-Ipo     Opaleke Bukola Iyabo     Bursary     Bilikis Oladimeji     Assayomo     Tunji Arosanyin     Opobiyi     Noah Yusuf     Moshood Kashimawo Abiola     IsDB     AbdulKareem Yusuf Danhawa     Boko Haram     Lanre Olosunde     Lola Ashiru     Oke-Ode     Kola Ologbondiyan     Crystal Corner Shops     General Tunde Idiagbon International Airport Ilorin     Afonja Descendants Union     Edu     Barakat Community Secondary School     Niguel Gallando Marcias     Jaigbade Alao     Ilorin.Info     Tsaragi/Share     Owo Isowo     Tope Daramola     Amos Justus Sayo     Usman Rifun     Monkey Pox     Titus Ashaolu     Henry Makinwa     Adanla-Irese     Rice Farmers Association Of Nigeria     Otunba Taiwo Joseph     Damilola Yusuf Adelodun     Colleges Of Education Academic Staff Union     Musa Aibinu     Dauda Adesola     Frootify     T And K FOODS     Kwara State Fire Service     Toyin Olayinka Tejidini     Amosa     Abdullahi Atanda     Kwara     Salman Jawondo     Mumini Ishola Hanafi     Bukola Ajikobi     Abdulfatah Ahmed     Hikmah AbdulKareem     Balogun Fulani     Kwara State Health Insurance Agency     Gbugbu International Market     Ilorin East/South Federal Constituency     Yusuf AbdulRasheed     Paul Olawoore     Ahmed Bayero     Yusuf Amuda Aluko     Alabi Lawal     Olukotun Of Ikotun     Oloruntoyosi Thomas     Unilorin FM     Alloy Chukwuemeka     Taiwo Joseph     Olatunji Ibrahim     Gamji Members Association     Share-Tsaragi     Abdulrazaq Adebayo     Kayode Issa     Kwara State Coalition Of Business And Professional Associations     Samari