IPMAN Projects Next Petrol Price As Dollar Faces Further Depreciation

IPMAN Projects Next Petrol Price As Dollar Faces Further Depreciation

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has suggested that the price of Premium Motor Spirit (PMS), commonly known as petrol, could potentially rise to around N750 per litre…CONTINUE READING

The association also called on the government to implement policies to prevent further depreciation of the naira.

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Chinedu Ukadike, the national spokesperson of IPMAN, conveyed this information in Abuja on Thursday.

He noted that although the Nigerian National Petroleum Company Limited (NNPCL) has not changed its ex-depot price of N587.7, there are factors that could lead to an increase.

Ukadike explained that due to the recent fluctuations in the exchange rate, with the dollar now surpassing N900 compared to its previous value of N750, there might be a potential 10 percent increase in fuel prices. This would amount to nearly a 20% increase overall. Therefore, if this is applied, the cost of petrol could reach around N750 per litre.

He emphasized that the absence of government subsidies and the lack of local production in Nigeria contribute to the increase in fuel prices. If local production were present, it could help stabilize the naira against the dollar’s fluctuations.

Ukadike warned that if significant actions are not taken by the government, the naira could approach N1,100 per dollar by the end of the year, leading to severe inflation in Nigeria.