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.

Siddiq Adebayo Idowu Salawu     Ilorin Emirate Stakeholders Forum     Sunday Popo-Ola     Awwal Jawondo     Olota Of Odo-Owa     COVID     Memunat Monsuma     JAAC     SSA Youth Engagement     Local Government     Arandun     Olatomiwa Williams     Amina El-Imam     Ahmad Belgore     Assayomo     Ilorin Water Reticulation     Henry Makinwa     Magaji Are     Ayegbeni     Ilorin Talaka Parapo (ITP)     Bilikisu Oniyangi     Iyabo Dupe Adekeye     Idris Amosa Saidu     Federal College Of Education (Special), Afon     Osuwa     Afonja Descendants Union     Kwara Volleyball Association     Chemiroy Nigeria Limited     Olatunji Ayeni     Sidikat Akaje     Tinubu     Hassan Taiye Salam     Umar Ahmed Gunu     Esinrogunjo     Muhammad Mustapha Suleiman     Zainab Abass     Aiyedun     Mustapha Olanipekun     Asiwaju Bola Tinubu     Omu Aran     Oluwole Dupe     Kwara State Fire Service     Soffiyyallah Kamaldeen     Okedare     Ilorin Muslim Community     Christopher Tunji Ayeni     Code Of Conduct     Valsolar-Kwara Company Limited     Ashiru     Jumoke F. Ajao     TIIDELab     Mopelola Abdulmaliq-Bashir     Sa\'ad Alanamu     Kunbi Titiloye     RTEAN     Sheriff Olanrewaju     Ojo Fadumila     Ibrahim Akaje     Federal Neuro-Psychiatric Hospital     Abdulkadir Orire     Oniyangi     Quran     Neuropsychiatric Hospital     Yakubu Mohammed Abdullahi     Eleja     Ubandoma     Ganmo     Chief Of Staff     Bilikisu Gambari     Elekoyangan     Ghali Alaaya     Ibrahim Labaika     Apaola     Wahab Femi Agbaje     Ramadhan     3MTT     Charcoal    

Cloud Tag: What's trending

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

ENetSuD     Women Radio     Oba Abu     Moronfoye     Saka Asiat Ayinke     Assayomo     Amos Sayo     Adegoke Bamidele     Ghali Muhammed     TIIDELab     Abdulganiyu Salahudeen     Saidu Kawu     Simon Sayomi     Ifelodun     Ahmed Ayinla Jimoh     Isiaka Alikinla     Basit Olatunji     Olayinka Olaogun     Mufti Of Ilorin     Raji Ayodele Kamaldeen     Senior Staff Union Of Colleges Of Education     General Hospital     Bilikisu Gambari     Omar Bolaji Gambari     Frootify     Talaka Parapo     Isa Aremu     Abdulrasheed Na\'Allah     Riskat Opakunle     Tunji Moronfoye     KWASSIP     Idris Garuba     Young Progressives Party     Abdulrosheed Okiki     Alimi     Ronke Adeyemi     Hassan Taiye Salam     PAACO-PCL Consortium     AGF Abdulrazaq     YAKOOYO     Saadu Gbogbo Iwe     Abdullahi Atanda     Siraj Oyewale     Isiaka Saka Opobiyi     Apaola     Bolaji Gambari     Umar Ayinla Saro     Centre For Digital Economy     Ajase-Ipo     Ibrahim Taiwo Road     Nnazua     Kwara State Football Association     Mohammed Halidu     Oye Tinuoye     Tunde Kazeem     Public Holiday     Garment Factory     Ahmed Shuaib Buranga     KWTV     Mohammed Abdulahi     Ahmad Fatima Bisola     Olatunji Moronfoye     Undergraduate Bursary     AbdulGaniyu Kareem     SGBN     Shehu Salau     Minimum Wage     Emir Of Shonga     Saliu Ajia     Yaman     Ben Duntoye     Amina El-Imam     Alikinla     Yekini Adio     Nupe     A.E. Afolabi     Adam Abdullahi Al-Ilory