Tuesday, August 02, 2016

NNPC Dissociates Self From Kerosene Price Hike

Nigerian National Petroleum Corporation Towers, FCT Abuja
The Nigerian National Petroleum Corporation (NNPC) says it is unaware of any increase in the official ex-depot price of kerosene.
Daily Trust report continues:
The Pipelines and Product Marketing Company (PPMC), a subsidiary of the NNPC, was reportedly said to have increased the ex-depot price from ₦75 to ₦135 per litre with effect from yesterday.
But the spokesman of the NNPC, Garba Deen Muhammadu, said that the corporation was unaware of any such increase.
However, some independent marketers told the Daily Trust that ex-depot price of the product was far above ₦135/litre and around ₦200/litre at retail outlets.
An official of the Independent Marketers Association of Nigeria (IPMAN) Alhaji Abubakar Maigandi, said: “From private depot we buy at the rate of ₦182/litre and sell ₦200 and above at retail stations.”
Kerosene consumers also said the price of the product at retail and other dispense openings had been rising since April.
From an average ₦155 per litre in April, the price of kerosene rose to ₦165 in May and now over ₦200 per litre due to scarcity of the dollar to import the product.
The last retail price the agency fixed for kerosene was ₦83/litre in January 1, 2016. Spokesman for the agency, Lanre Oladele, did not respond to phone calls made to him.

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