Kerosene to sell at N83 per litre.

The price of Household Kerosene (HHK) has
been increased from N50 per litre from N83
per litre, as the federal government prepares
to officially end subsidy payment on the
product.
The Petroleum Products Pricing Regulatory
Agency, released its product pricing template
released over the weekend- where it was
stated that N83 per litre price will only be
obtainable at the Nigerian National
Petroleum Corporation (NNPC).
Consequently, all other petrol stations and
dealers across the nation can sell at N33
higher than the initial amount.
According to the template of the PPPRA, the
Federal Government makes a profit of
N10.72 for every litre of kerosene sold at
N83 per litre while the Landing Cost plus
Total Margins was pegged at N72.28 per
litre.
The expected open market price is the
prevailing open market rate for the product
in Nigeria, after taking certain costs into
consideration.
The unexpected increase in the price of
kerosene is coming on the heels of the
worldwide crash of the price of crude oil and
petroleum products- kerosene, fuel and
diesel, among others.
At the beginning of the year, the federal
government announced the reduction of
pump price of petrol from N87 per litre to
N86.50k per litre.
The meagre reduction was described as
insignificant by the leadership of the nation’s
major opposition party- the Peoples
Democratic Party.