THE Federal Government has formally stopped the payment of subsidy on kerosene. Instead, the Petroleum Products Pricing Regulatory Agency moved pump price of the product from N50 to N83 per litre.
The PPPRA, a government regulatory agency disclosed the new price in its current pricing template. The agency in the latest template for House Hold Kerosene, HHK, released on Saturday, January 23, categorically said that the retail price of kerosene or HHK by the Nigerian National Petroleum Corporation was N83 per litre.
The commodity is believed to be mostly consumed by low income earners in the country.
The new template showed that the retail or pump price of HHK was now N10.72 higher than the Expected Open Market Price of the commodity. The EOMP, according to the new template, is N72.28.
The EOMP is a summation of the landing cost of the commodity with the subtotal margins like bridging fund, transporters’ cost, dealers charge, admin charge, etc.
— Jan 25, 2016 @ 13:25 GMT