FG Removes Kerosene Subsidy,To Sell N83/litre

   

The Federal Government over the weekend removed kerosene subsidy, pegged the price at N83/litre from its original Price of N50/litre.
The Petroleum Products Pricing Regulatory Agencies PPPRA put the price at N83/litre only to NNPC filing stations from its release template ,meaning other independence marketers can sell higher.the removal of the subsidy is coming at a time when crude oil is selling at a record price low, world wide.

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. 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 middlemen was put at N14.30.
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 – N68.02 per litre