NNPC reportedly jerks official price of kerosene from N73/L to N135/L, effective Aug 1

The official price of kerosene will move up to N135 from N73 per litre on Monday, August 1, 2016

According to reliable sources, the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has decided to increase the ex-depot price to N135 per litre with effect from Monday, after the next consignment of about 17,000MT capacity imported vessel arrives Lagos this week.

THISDAY gathered that following foreign exchange crisis, which makes it difficult for the private marketers to access foreign exchange at the official price, the PPMC assumed the sole importer of kerosene, thus leading to the scarcity of the product.

But THISDAY learnt that the public who are the end users would not be losing much as the product had always sold above the N73 official price because of racketeering by officials of PPMC and the marketers.