Fuel Price Increase Can't Be Stopped - IPMAN

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The much speculation of possible increase in price of Premium Motor Spirit, PMS, otherwise known as petrol, may not be considered mere, as the Independent Petroleum Marketers Association of Nigeria, IPMAN, Thursday warned of threat to product availability in the country, as it is gripped with series of challenges confronting the petroleum sector. But, other operators have argued that the price of petrol is driven by laws of economies, which cannot be altered for a long time, and as such is expected to increase giving the current challenges of FOREX and others.

National President, IPMAN, Mr. Chinedu Okoronkwo, stated that flexible way to assessing FOREX has been given rather than black market dependence for the purpose of importing critical items to the country. He said, “But I will advice for total deregulation. The price moderation, which is the cap placed is not healthy for the petroleum industry to grow. He stressed that, “If the refineries are working to a good capacity like 70 percent, the product will not be less than N130 per litre. We should focus on making the refineries work.

Source: http://thesummary.com.ng/index.php/news-categories/national/item/8145-fuel-price-increase-can-t-be-stopped-ipman