NNPC, PPPRA, PPMC don't know kerosene price

The Nigerian National Petroleum Corporation (NNPC), Petroleum Products Pricing Regulatory Agency (PPPRA) and Pipelines Products Marketing Company Limited (PPMC) yesterday all said they don't know the actual pump price of kerosene in the country.Testifying before the House of Representatives ad-hoc committee investigating the subsidy regime, the government officials gave conflicting figures as pump price of kerosene.The Group Managing Director of the NNPC Austen Oniwon said the retail price of kerosene was N40.90. NNPC retail outlets all over the country sale it for N50 per litre.The Managing Director of the PPMC Haruna Momoh said the market price of the product in Lagos was N75 per litre and N80 in some other places while the Executive Secretary of the PPPRA Reginald Stanley said that the actual prevailing pump price of the product was N130 per litre.Stanley added that the landing cost of kerosene is N151 while the subsidised retail price is N40.90k.The PPPRA boss revealed that the government pays between N105 to N112 per litre as subsidy on kerosene imported into the country.Asked why the products already subsidised was being sold at N130 in the open market, Stanley said that kerosene was also used in some other sectors apart from domestic purpose for which it is being imported.Both Oniwon and Stanley admitted that there was problem with the distribution of kerosene in the country.On the distribution template, the PPMC Managing Director disclosed that 58.48% is through Independent Petroleum Marketers Association of Nigeria; 25% through the Major Oil Marketers Association of Nigeria and 16.52% through the NNPC retail outlets across the country.The Committee however pointed out that there was no way the product would be sold at the recommended price as the percentage accorded the NNPC Retail Outlets was too meager.
Click here to read full news..