Nigeria increases price of kerosene to N83 per litre

Nigerians queuing for kerosene
Nigerians queuing for kerosene

The Petroleum Products Pricing Regulatory Agency, PPPRA, has increased the price of Household Kerosene from N50 to N83.

This is contained in its products pricing template, released on Sunday in Abuja.

The agency stated that the N83 per litre price applied only to the Nigerian National Petroleum Corporation, NNPC, outlets.

The template also showed that at N83, the Federal Government will be making a gain of N10.72 on every litre.

It further puts the expected open market price, which is the landing cost plus total margins 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.

Giving a breakdown of the price, the PPPRA template put the landing cost of ‎the product at N57.98 per litre, while the total margin due‎ middlemen was put at N14.30.

The retailers’ margin was put at N5 per litre; transporters at N3.05 per litre, and dealers at N1.95 per litre.

It further put the bridging fund at N5.85 per litre; marine transport average at N0.15 and Administrative‎ Charges – N0.15.

It stated that the official ex-depot price, which depot owners would sell to marketers, is N68.70 per litre. The official ex-depot price for collection is N73 per litre, while ex-coastal price is N68.02 per litre.

The official price difference is not expected to matter much to millions of poor Nigerians who are used to buying the product at over N100 per litre.

(NAN)

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  • Ochon

    Changi! Well inasmuch as we know what informed this drive for revenue generation which of course was the vandalization of our economy by the past govt, we urge the apc govt to consider the masses in this harsh economic downturn and not to aggravate it as posterity will not judge apc govt if they fail to deliver on their campaign promises. It is lugubrious to earmark billions of naira for aso rock feeding for a changi government, an amount that was not spent by the last government despite the boom in oil prices. Yet govt is enlarging it’s stomach and telling the masses to tighten their own stomach transferring the pain to people whose source of livelihood is elusive. Apc now wants to remove subsidy on petrol, increase phcn tariff, increase kerosene price, remove #50 from every transaction u make in the bank increase vat etc. Hope Nigerians will not later say apc pls take us back to Egypt

  • sikiru biobaku

    How soon are they going to blame it on Jonathan

  • Watch man

    This is not a good economic decision by the govt. It is unfair to force the consequences of maladministration of govt on the people. After all oil price has been on the downward trend; hence no justifiable reason to increase kerosene price (which is the product of the general masses). I appeal to PMB for a rethink or at least a cushion for the people.

    • favourtalk

      Whatever the past administration did that doesn’t work, we should continue on that template again. Pmb has seen that Nigeria can pay for it and enjoy the dividend together not allowing anyone lieing to us about any subsidy. Even this is the best time to remove the f d programme

  • favourtalk

    God bless PMB for doing this at this time, we see no point in deceiving the populace about the wrong and wicked policies embarked upon by the last administration which makes some few people billionaire today through all forms of corruption. We should appreciate this because it will makes the presidency gives us more dividends of democracy