The Independent Petroleum Marketers Association of Nigeria predicted that as long as the value of the US Dollar increased on the foreign currency market, the price of Premium Motor Spirit, more commonly known as petrol, would also climb.
National President of IPMAN Chinedu Okoronkwo told SAREWAHAUSA exclusively as he responded to rumors of upcoming gas price increases.
The head of IPMAN warned that rising dollar exchange rates will lead to further higher fuel prices.
He explained that after the government eliminated gasoline subsidies, market forces will determine gas station prices instead of the government. Money is exchanged for the item in USD. Presently, $1.00 costs roughly $0.89. The higher the dollar becomes, the more expensive gas gets.
He suggested that the government increase its efforts to provide Nigerians with compressed natural gas as a remedy.
He advocated for the government to actively work to increase the availability of compressed natural gas (CNG) in Nigeria.
On Wednesday, the official market traded Naira for $1, a new low. On the other hand, the dollar is charmed at 910 to $1 on the black market.
As a result, we anticipate that the product’s pump price will be more than N617/per liter.
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