FG ends kerosene subsidy, pegs price at N83 per litre
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The Federal Government,
weekend, hiked the price of Household Kerosene (HHK) to N83 per litre
from N50 per litre, thereby, officially ending subsidy on the product. The Petroleum Products Pricing Regulatory Agency, PPPRA , in its
product pricing template released, weekend, however, stated that the N83
per litre price applies only to the Nigerian National Petroleum
Corporation (NNPC), meaning that other petrol stations and dealers can
sell higher than the stipulated amount.
Curiously, the hike in the price of kerosene came at a time when the
price of crude oil had dropped to record low, with the price of
petroleum products, such as kerosene, fuel and diesel, among others,
dropping significantly in a number of countries, like the United States.
This also brings to question, the recent reduction in the price of
Premium Motor Spirit announced by the Federal Government and which
commenced at the beginning of the year.
Again, the PPPRA’s template also showed that at N83 per litre, the
Federal Government is making a gain of N10.72 for every litre, as it
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 for
middlemen was put at N14.30. WAITING:
Queue for kerosene at a Nigerian National Petroleum Corporation, NNPC,
Mega Filling Station in Yelwa, Bauchi State, yesterday.File PhotoFurther
breakdown of the Total Margins showed that retailers margin was put at
N5 per litre; Transporters, N3.05 per litre; Dealers, N1.95 per litre;
Bridging fund, N5.85 per litre; Marine Transport Average, N0.15 and
Admin Charges, N0.15.
The PPPRA further put official ex-depot price, which is the price
depot owners would sell at marketers, at N68.70 per litre, official
ex-depot price for collection, N73 per litre while ex-coastal price is
N68.02 per litre.
Late December, the PPPRA had on behalf of the Federal Government
announced that effective January 1, 2016, Premium Motor Spirit,
otherwise known as petrol, would be sold at N86 per litre by the
Nigerian National Petroleum Corporation (NNPC) retail stations, while
other oil marketers would sell at N86.50 per litre.
Executive Secretary of the PPPRA, Mr. Farouk Ahmed, who made the
announcement, said the reduction in the price of the commodity was due
to an implementation of the revised components of the Petroleum Products
Pricing Template for PMS and household kerosene.
According to him, the revised template, which would be reviewed on
quarterly basis, is geared towards ensuring an efficient and
market-driven price that would reflect current realities.
He said: “Since 2007, while crude oil price had been moving up and
down, the template remained the same. This had made it necessary for us
to introduce a mechanism whereby the template would be sensitive to the
price of crude oil.
“However, the template is not static, as there would be a quarterly
review and if there is any major shift, the Minister of State for
Petroleum Resources would be expected to call for a review, either
upward or downward, depending on the market condition
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The Petroleum Products Pricing Regulatory Agency, PPPRA , in its
product pricing template released, weekend, however, stated that the N83
per litre price applies only to the Nigerian National Petroleum
Corporation (NNPC), meaning that other petrol stations and dealers can
sell higher than the stipulated amount.
The Petroleum Products Pricing Regulatory Agency, PPPRA , in its
product pricing template released, weekend, however, stated that the N83
per litre price applies only to the Nigerian National Petroleum
Corporation (NNPC), meaning that other petrol stations and dealers can
sell higher than the stipulated amount.
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