The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed the effect of the dollar rise on the hike in fuel prices.
IPMAN’s President, Chinedu Okoronkwo stated that the rise in the price of fuel was directly linked to the depreciation of the naira against the dollar in the foreign exchange market.
Okoronkwo said:
“As long as the dollar keeps rising against the naira in the foreign exchange market, the price of fuel in the country will continue to increase.”
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However, IPMAN has denied stories of a hike in fuel prices nationwide.
President Bola Tinubu had in his inaugural speech on May 29, announced the removal of fuel subsidy, thereby allowing market forces to dictate pump prices.
Stay tuned for more details…
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