Why another hike in petrol price is inevitable - IPMAN

– The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advocated for total deregulation of the petroleum industry– The national president of IPMAN, Chinedu Okoronkwo, advises the government to focus on making the refineries work– Urges the federal government to urgently encourage the setting up of modular refineries in the countryThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for the increase in the price of Premium Motor Spirit (PMS) otherwise known as petrol, to avert the scarcity of the product.READ ALSO:Nigerian Senate reacts to speculation of new fuel hikeThe national president of IPMAN, Chinedu Okoronkwo, also advocated for a total deregulation of the petroleum industry, adding that the price moderation, which is the cap placed is not healthy for the petroleum industry to grow.According to Vanguard, marketers have argued that the price of petrol was driven by economic variables, which could not be altered for a long time due to foreign exchange challenges.Chinedu Okoronkwo explained that:“There are people who have the forex to bring product and sell. By so doing, forexwill crash. But when the industry is over-protected like ours, the current challenges will be unending. Market force should drive the price.“If the refineries are working to a capacity of 70 percent, the product will not be more than N130 per litre. We should focus on making the refineries work because by the time you keep on importing, forex challenges will keep on recurring and there would no head way.”READ ALSO:Kachikwu, Baru speak on reports of hike in petroleum pricesThe IPMAN president said if the refineries are working to a capacity of 70 percent, the product will not be more than N130 per litre.He advised the government to focus on making the refineries work, noting that forex challenges affect the importation of petroleum products.He called on the Nigeria National Petroleum Corporation (NNPC) to ensure that the refineries are working and that government should grant all support needed to ensure that they work.He said it was necessary for the refineries to be working so the country can avert all of the turbulence hitting the petroleum sector as well as the economy.He urged the federal government to urgently encourage the setting up of modular refineries in the country as a spur for the refining of crude product.In another development nine communities in Gbaramatu Kingdom, Warri South West local government area have sent a save our soul message to Governor Ifeanyi Okowa over the massiveoil spillage wreaking havoc in theirareas.The nine communities are Tebujor/Okpele-Ama, Ikpokpo, Okerenkoko-Gbene, Opuedebubor, Opuede, Opuendezion, Atanba, Oto-Gbene, Meke-Ama Communities in Gbaramatu Kingdom.It was gathered that the massive oil spillage occurred at the Nigerian National Petroleum Corporation (NNPC)/Pipelines and Product Marketing Company (PPMC) truck-line which