WHY PUMP PRICES WILL KEEP RISING: IPMAN.

The price of Premium Motor Spirit, often known as fuel, will keep rising, according to the Independent Petroleum Marketers Association of Nigeria, as long as the US Dollar appreciated on the currency exchange market.

In an interview with DailyPost, Chinedu Okoronkwo, the National President of IPMAN, said that if the dollar continues to rise on the forex market, fuel prices will continue to increase.

He stated that Nigerians “should understand that with the removal of fuel subsidies, the government is no longer determining pump prices but rather the forces of the market.”

Currency used for purchase is dollars. Currently, the dollar is trading at about 890 to the dollar. The price of fuel at the pump will increase as the dollar strengthens. He encouraged the government to increase efforts to make Compressed Natural Gas accessible to Nigerians as a remedy.