Kerosene price hiked from N50 to N83 per litre [DETAILS]

The Nigerian FG hikes Kerosene price to N83 per litre | YNaija.com

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.

Leave a reply

Your email address will not be published. Required fields are marked *

cool good eh love2 cute confused notgood numb disgusting fail