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.

Ile Arugbo     Amuda Musbau     Abdulfatai Baakini     Gbugbu International Market     Radio Kwara     Abdulmumini AbdulRazaq     Solomon Edojah     Facebook     Ambassador Kayode Laro     Kwara State Infrastructure Development Fund     Haliru Dantoro     Ibrahim Mashood     Abdulganiyu AbdulAzeez     Salihu Yahaya     Fatai Adeniyi Garba     Jebba     Wasiu Odewale     Al-Hikmah University     Otunba Taiwo Joseph     HAMFAT Clinic And Maternity     Usman Yunusa     Ahmad Belgore     Okala Baba     Saka Asiat Ayinke     Idris Garuba     Crystal Corner Shops     Abioye Bello     Najim Yaasin     CCEPE     Kwara 2023     Mutawali     Students Union Government     Ahmed Alhasssan     Www.Kwarareports.com     Bayer AG     Markaz Arabic And Islamic Training Institute, Agege     Kehinde Baale     Budo Egba     Local Government     Jalala     Amusa Bello     Matthew Babaoye     Michael Imoudu National Institute For Labour Studies     Oko     Arik     ENetSuD     Javed Khan     Bolaji Aladie     HYPPADEC     Metro Park     Kazeem Adekanye     Oyedepo     Abdulrahman Abdullahi Kayode     Tunji Arosanyin     Al-Adaby     Kwara Basketball Association     Abdulkadri Ahmad Alaiye     Alabere     COEASU     Sanitation Exercise     Alapansapa     Geri-Alimi Split Diamond Interchange     Yusuf A. Usman     Yunus Lawal     Wahab Egbewole     Isiaka AbdulRazaq     Kwabes     Abdullahi Saadudeen Alikinla     Fatimoh Lawal     Eruku     Oke-Ode     Mohammed Alabi Lawal     TETFUND     Mufti Of Ilorin     Suleiman Idris     Abdulwaheed Musa     Ogbondoroko    

Cloud Tag: What's trending

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

Al-Hikmah Radio     Olushola Saraki     Bayo Mohammed Onimode     Ibraheem Adeola Katibi     Bashiru Makama     SAPZ Project     Mope Dasuki Belgore     Elerin Of Adanla     Bisi Kristien     Okanlawon Taiwo     Kwara Central     Imodoye Writer’s Enclave     Mahee Abdulkadir     Umar Yakubu Jaja     Kwha.gov.ng     Just Event Online     Moshood Mustapha     Bola Sagaya     Offa Metropolitan Club     Air Peace     Ganiyu Abolarin     Abdulrahman Onikijipa     Buhari     Ahmed Alhasssan     Bilikisu Gambari     Daud Adeshola     MAI Akande     Bello Bature     Yusuf Badmus     Tafida Of Kaiama     Hydroelectric Power Producing Areas Development Commission     Abdulrahman Abdulrasaq     Kayode Zubair     Plat Technologies Limited     Alapado     Oro Grammar School     Overland     Adijat Adebiyi     Oyawoye     Moremi High School     N-Power     Taofeek Sanusi     Eleyele     Folaranmi Aro     Halidu Danbaba     Shehu Jimoh     Sidikat Akaje     Abdulrasheed Akogun     Kpotum Mohammed Baba     Moshood Bakare     AbdulGaniyu Kareem     Samuel Adaramola     Sayomi     Yakub Lai Gobir     Abioye Bello     Tinubu Legacy Forum     Amuda Musbau     Ayodele Olaosebikan     2017 Budget     Suleiman Alege Kuranga     John Olobayo     Sa\'adu Salau     Belgore     Oniwasi Agbaye     Ibrahim Abiodun     Abdulrazaq Sanni     Umaru Saro     Mopelola Abdulmaliq-Bashir     Fatimoh Lawal     Bond     Ibrahim Abikan     Azeez Bello     Christopher Ayeni     Col. Taiwo     Osinbajo     MINILS     Alaaya