IPMAN’s national publicity secretary, Chinedu Ukadike, said selling fuel in dollars would be necessary to avoid financial strain on marketers if the plant adopts dollar transactions.
Nigerians have expressed anxiety regarding a potential rise in prices and the dollarization of fuel following announcements by petroleum marketers to adjust the pump price of petrol to dollars as Dangote Refinery’s move to stop the transaction of petroleum products in naira come March 31.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) said it would retaliate by selling in dollars if Dangote sells in foreign currency. …CONTINUE READING
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to begin the sale of petrol in dollars if the Dangote Refinery starts selling its products in foreign currency.
According to IPMAN, the move was in response to worries that denominating transactions in dollars could pressure the naira, causing inflation and affecting energy security.
However, IPMAN’s national publicity secretary, Chinedu Ukadike, said selling fuel in dollars would be necessary to avoid financial strain on marketers if the plant adopts dollar transactions.
He said the Dangote announcement is not suitable for independent marketers as it would put pressure on the local currency.
The IPMAN scribe appealed to the Nigerian government to continue to supply Dangote products in naira so it does not increase the demand for dollars and pressure the naira.
He said the development will increase dollar sales as demand will outstrip supply, which might lead to inflation and energy insecurity.
Investigations by our correspondent show that Dangote Refinery partners have increased their petrol prices across Nigeria. MRS Oil increased its petrol prices from N850 to N860, and Ardova Petroleum and others also raised their petrol prices by the same margin.
The stations cited the recent announcement by the refinery to sell petrol in foreign currency as the reason, Leadership reports that Ukadike asked the Nigerian government to allow Dangote to continue to access crude supplies in naira to avoid economic challenges.
