{"id":93962,"date":"2023-08-10T22:13:21","date_gmt":"2023-08-10T21:13:21","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/ipman-confirms-another-fuel-pump-price-hike"},"modified":"2023-08-11T00:35:38","modified_gmt":"2023-08-10T23:35:38","slug":"ipman-confirms-another-fuel-pump-price-hike","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike","title":{"rendered":"IPMAN confirms another fuel pump price hike"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Independent Petroleum Marketers Association of Nigeria said the price of Premium Motor Spirit, popularly known as fuel would continue to increase as long as the US Dollar rose in the foreign exchange market.<\/p>\n

Chinedu Okoronkwo, the National President of IPMAN, disclosed this to DAILY POST exclusively while reacting to speculation of further fuel pump hikes.<\/p>\n

The IPMAN\u2019s boss noted that fuel price will keep soaring if the dollar keeps rising in the forex market.<\/p>\n

He said: \u201cNigerians 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.<\/p>\n

As a solution, he urged the government to double up efforts to make Compressed Natural Gas available for Nigerians.<\/p>\n

\u201cGovernment should make conscious efforts towards making CNG available for Nigerians\u201d, he stated.<\/p>\n

Naira dropped further to the dollar, exchanged at N782.38\/$1 on Wednesday at the official market. But, at the parallel market dollar is enchanted at 910\/$1.<\/p>\n

Consequently, the pump price of the product is expected to exceed N617\/per litre.<\/p>\n

Three weeks ago, fuel marketers increased the fuel pump price from N539\/per litre to over N600\/per litre.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Independent Petroleum Marketers Association of Nigeria said the price of Premium Motor Spirit, popularly known as fuel would continue to increase as long as the US Dollar rose in the foreign exchange market. Chinedu Okoronkwo, the National President of IPMAN, disclosed this to DAILY POST exclusively while reacting to speculation of […]<\/p>\n","protected":false},"author":84,"featured_media":93961,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,772,1455,254],"class_list":["post-93962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-fuel","tag-ipman","tag-nigeria"],"yoast_head":"\nIPMAN confirms another fuel pump price hike - Nigeria<\/title>\n<meta name=\"description\" content=\"The Independent Petroleum Marketers Association of Nigeria said the price of Premium Motor Spirit, popularly known as fu ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IPMAN confirms another fuel pump price hike\" \/>\n<meta property=\"og:description\" content=\"The Independent Petroleum Marketers Association of Nigeria said the price of Premium Motor Spirit, popularly known as fu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-10T21:13:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-10T23:35:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/08\/sm_1691694027.213997.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"920\" \/>\n\t<meta property=\"og:image:height\" content=\"518\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IPMAN confirms another fuel pump price hike\",\"datePublished\":\"2023-08-10T21:13:21+00:00\",\"dateModified\":\"2023-08-10T23:35:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike\"},\"wordCount\":229,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/08\/sm_1691694027.213997.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"fuel\",\"IPMAN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/ipman-confirms-another-fuel-pump-price-hike\",\"name\":\"IPMAN confirms another fuel pump price hike - 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