The Independent Petroleum Marketers Association of Nigeria (, IPMAN) said the price of Premium Motor Spirit, popularly known as fuel will soon sell for N617/per litre.
Recall that three weeks ago, fuel marketers increased the fuel pump price from N539/per litre to over N600/per litre.
IPMAN said fuel would continue to increase as long as the US Dollar rose in the foreign exchange market.
Chinedu Okoronkwo, the National President of IPMAN, disclosed this to DAILY POST exclusively while reacting to speculation of further fuel pump hikes.
The IPMAN’s boss noted that fuel price will keep soaring if the dollar keeps rising in the forex market.
He said: “Nigerians should understand that with fuel subsidy removal, the government is no longer determining pump prices but the market forces. The product is bought in dollars. The dollar is around 890/$1 now. As the dollar climbs, fuel pump prices will continue to go up”.
As a solution, he urged the government to double up efforts to make Compressed Natural Gas available for Nigerians.
“Government should make conscious efforts towards making CNG available for Nigerians”, he stated.
Naira dropped further to the dollar, exchanged at N782.38/$1 on Wednesday at the official market.
But, at the parallel market dollar is enchanted at 910/$1.
Meanwhile Nigerians have been told to brace for tougher times because prices of cooking gas will go up next week.
The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, said gas consumers should get ready for price hikes starting next week.
He cited rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the intended price review.
“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high, but consumers are not earning more.
“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said.
Olatunbosun described the imminent price increment as unfortunate.
“The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas,” he added.
According to him, consumers are now returning to firewood, charcoal, and sawdust for cooking.
“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.
“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?” he continued.
He urged the government to tax profit and not products because consumers were not buying gas anymore.
“Local taxes are worsening the problem,” he said, calling on marketers who had the opportunity to buy products locally to fix prices with “consumers’ sympathy” in mind.