Fuel Price Will Increase As Naira Value Depreciates, Says Nigerian Association Of Independent Petroleum Marketers, IPMANThe Independent Petroleum Marketers Association of Nigeria has said there will be a progressive increase in the pump price of fuel in the country.
"According to him, the exchange rate is around N890/$1 now and as the dollar rises, fuel pump prices will continue to go up because marketers buy the product in dollars.On Wednesday, the naira dropped further to the dollar as it exchanged at N782.38/$1 at the official market and 910/$1 at the parallel market.The Nigerian National Petroleum Company Limited which is the country’s major oil marketer in July announced that the pump price of petrol had increased to at least N617 per litre.