Residents in different parts of the country are currently witnessing a hike in the pump price of fuel as the Nigerian National Petroleum Corporation , NNPC increased pump price of petrol to 617 to 700 naira per litre as seen in various filling stations in the Federal Capital territory, Abuja and other areas. Meanwhile, Nigerians have taken to social media to decry the increase .
The current hike, according to the National President of the Independent Marketers Association of Nigeria, Chinedu Okoronkwo is due ito the increase in cost of dollars as the products are imported with dollars.
Speaking on a television show on Tuesday, he said that in a deregulated regime, what determines the price of anything is the cost and as the product is not refined in the country, the cost of dollars is a determining factor in fixing pump price of fuel.
He proffered other alternatives that people can use in place of fuel such as the Compressed Natural Gas, CNG. He said that the nation should consider the use of CNG which will reduce to a large extent the country’s exposure to fuel importation as natural gas would not be imported.
CNG is an eco-friendly alternative to fuel that is non toxic and does not contaminate water.
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