Economy

NNPC deregulates kerosene, shooting price to N400 to N500

NNPC deregulates kerosene, shooting price to N400 to N500
Written by Maritime First

The Nigerian National Petroleum Corporation (NNPC) has deregulated the official price of kerosene, enabling the price to immediately rise, as a result of the pressure of demand and supply. The price now hovers between N400 and N500.

The NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, made the clarification on Sunday in Abuja, noting that kerosene was no longer on the same card as petrol.

“The point remains that the prices of the kerosene is deregulated.

“It is not as controlled with reference to Premium Motor Spirit (PMS) known as Petrol; that is why we see the prices moving up and down.

“The important thing is that the trend you are seeing there had to do with supply and demand. The more the demand, the higher the price locally,’’ he said

Ughamadu said that the NNPC remained the sole importer of the product and had been augmenting it with the skeletal production from the refineries.

Also read: Average price of kerosene increases in April — NBS

He reiterated the commitment of the corporation to the adequate supply of petroleum products for Nigerians.

“The corporation is doing everything to ensure that we import more volumes of kerosene because, we believe that this is the energy source that the low income earners in the country use,’’ he added

It will be recalled that the National Bureau of Statistics (NBS) in its National House hold price watch in June said the average price per litre paid by consumers for Kerosene increased to N316.43 in June 2 from N315.91 in May.

The NBS said the price of kerosene increased by 0.17 per cent month-on-month and 13.14 per cent year-on-year in the period under review.

The report said states with the highest average price per litre of kerosene were Anambra at N381.25; Abia, Bayelsa and Akwa Ibom N356.67 and Enugu N352.78.

 

 

 

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