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.

Owo Arugbo     Saidu Isa     Kwarareports     Idi-Ape     National Union Of Road Transport Workers     Ijagbo Health Centre     Jalala     Bamidele Adegoke Oladimeji     Atiku Abubakar     Principal Private Secretary     Usman Alkali Baba     Tayo Awodiji     Sherif Shagaya     ITP     Suleiman Yahya Alapansapa     Suleiman Ajadi     Ayo Adeyemi     Kazeem Adekanye     Jaigbade Alao     Samuel Olusegun Adedayo     Okin High School     Abraham Ojo     Paul Olawoore     Kunle Okeowo     Markaz Arabic And Islamic Training Institute, Agege     Www.Kwarareports.com     David Oyepinola Adedumoye     Hamidat Sulyman-Yusuf     Sidikat Alaya     Emmanuel Bello     NFAI     Nurudeen Mohammed     Kamaldeen Gambari     Dapo Teni Nig Enterprise     Ibraheem Abdullateef     Oba Mogaji Abdulkadir     Sai Kayi     Atunwa     Isaac Gbenle     Ibrahim Agboola Gambari     Tunde Kazeem     Modibo Kawu     Student Learning Support Helpline     Bilikisu Gambari     Opaleke Bukola Iyabo     Bond     Aliyu Salihu     Bibire Ajape     Ilofa     Halimah Perogi     Ibrahim Mohammed     Abdullahi Dasilva Yussuf     Ilorin Durbar     Rice Farmers Association Of Nigeria     Onilupeju Of Ilupeju     Dagbalodo     Kamaldeen Kehinde     Bayo Lawal     Moji Makanjuola     Olaiya Victor Mobolaji     Jide Ashonibare     Bello John Olanrewaju     Kemi Adeosun     Bola Magaji     Mohammed Saidu     Share     Ogidi-Oloje     Oyawoye     Apata Ajele Secondary School     Kwara State Fish Farmers Association     Olatunji Moronfoye     Sobi     Olokoba     Muslim Cementary     Gobir     Abdulkadir Remi Hawawu     Umar Danladi Shero    

Cloud Tag: What's trending

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

Sabi     Afolabi-Oshatimehin     Oro Grammar School Old Students Association     Mohammed Khadijat Kubura     Ganiyu Taofiq     Jalala     Mustapha Akanbi     RTEAN     COVID-19 Palliatives     Bahago     Issa Baba     Joseph Daudu     Olupako Of Share     Ahmad Uthman     Barakat Community Secondary School     Jani Ibrahim     Abdullateef Abdussalam     Olatinwo     Alapansapa     Shao     Mary Arinde     Baboko     Kwara State Internal Revenue Service     Majlis For Sadakah, Zakat And Waqf     Sherif Shagaya     Ayo Salami     Olubukola Kifayat Adedeji     Young Progressives Party     Ayobami Seriki     Olofa Of Offa     Ahmed Alhasssan     Yahaya Dumoye     Tuesday Assayomo     Saka Abimbola Isau     Babajide Ajayi     Kayode Zubair     KwaraLearn     Issa Manzuma     High Court     Akeem Lawal     Ibrahim Abdullahi     Www.Kwarareports.com     Kuliyan Geri     KWASIEC     Joshua Adeyemi Adimula     Haliru Dantoro     Lawal Jimoh     Tayo Alao     Iyeru Grammar School     Ilorin Water Reticulation     Ado Bayero     Tunde Idiagbon Road     Yakubu Mohammed Abdullahi     Hassan A. Saliu     Kwara Muslim Pilgrims Welfare Board     Ibrahim Agboola Gambari     Towobola Abdulrahman Toyin     Moremi High School     Muhammad-Mustapha Suleiman     Federal Polytechnic Offa     National Union Of Road Transport Workers     Yusuf Amuda Gobir     Kanu Agabi     Ndakene     Abdulrazaq Akorede     Local Government Pension Board     Musa Abdullahi     Quareeb Islamic Association     The Herald     Shuaib Abdulkadir     Apado     National Information Technology Development Agency     Millennium Development Goals     ER-KANG Mining Nigeria Company Limited     Abdulganiyu Salahudeen     AbdulRazaq Abubakar Jiddah     Ahmad Ali