Fuel Hike: IPMAN Reveals New Pump Price

Following the recent hike of the Premium Motor Spirit (PMS), also known as Petrol or fuel after the removal of the subsidy by President Boal Tinubu-led government, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted at an increase in the product….CONTINUE READING…CONTINUE READING

The IPMAN in a statement issued on Thursday, August 10, 2023, revealed that the fuel pump price would soon be sold for N617 per litre.

New Telegraph recalls that barely three weeks ago, petrol marketers raised the pump price per litre from N539 to above N600.

Preparing the minds of Nigerians ahead of the hike, the IPMAN said fuel prices will keep rising as long as the US Dollar appreciated the foreign exchange market.

The National President of IPMAN, Chinedu Okoronkwo, revealed this to DAILY POST exclusively in response to rumours of additional gasoline pump price increases.

The head of IPMAN stated that if the dollar continues to rise in the foreign market, petrol prices will continue to surge.

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”.

He encouraged the government to increase efforts to make Compressed Natural Gas accessible to Nigerians as a remedy.

The government should actively work to make CNG available to Nigerians.

The official market exchange rate for the naira on Wednesday was N782.38/$1. This represents a further decline in value.

However, the dollar is charmed at 910 to 1 on the black market.

Meanwhile, because cooking gas prices will increase the next week, Nigerians have been warned to prepare for harder times.

Olatunbosun Oladapo, the president of the Nigerian Association of Liquefied Petroleum Gas Marketers, warned gas consumers that price increases will begin the next week.

He listed several factors for the anticipated pricing review, including rising global prices, high tax rates and shipping costs, a lack of foreign exchange, and a depreciating naira.

“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….CONTINUE READING