Furthermore, IPMAN called on the government to implement strategies to prevent the naira from depreciating further.
“There will be a 10 per cent increase because the dollar was N750, now is over N900 that is almost a 20% increase if you apply this, you should be talking about N750/ litre. Currently, the dollar rate at the parallel market as of today is N910 which also means that the landing cost of PMS will increase and the domestic price of PMS will also increase.
People should understand that government is no longer subsidizing and there is no local production in Nigeria. Had there been local production, it can be able to cushion the effect of too many naira pursuing the dollar. It would have helped us and saved the naira.
If the government does not do something drastically, before the end of this year, Naira may be close to N1,100 per dollar and this will be a serious inflation for Nigeria.” he said
The pump price of the product has increased twice since the Federal Government removed fuel subsidy, hence market forces are now allowed to determine prices.