Kerosene sells for N326 per litre nationwide

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The price of household kerosene has suged to N326.93 per litre nationwide.

Compressed Natural Gas (CNG) known as cooking gas also recorded marginal price increase as it sold at N4, 810 oer 12.5kg in February.

The increases were discovered through a survey conducted across the 36 states of the federation and the Gederal Capital Territory (FCT) by the Bureau of Statistics (NBS) in February 2020.

Nigeria, Africa’s biggest exporter of crude oil, imports kerosene, a deregulated product, through the Nigerian National Petroleum Corporation (NNPC) as well as private marketers. This is  due largely to the inefficiency of the three refineries in the country.

The summary of the report obtained from the NBS entitled: “National Household Kerosene (NHK) Price watch for February,” stated: “Average price per litre paid by consumers for National Household Kerosene increased by 1.01 per cent MoM and by 7.04 per cent YoY to N326.93 in February 2020 from N323.66 in January 2020.”

States with the highest average price per litre of kerosene, the report read,  were Imo (N386.73), Cross River (N378.77), and Gombe (N374.44).

“States with the highest average price per gallon of kerosene were Borno (N1,375), Adamawa (N1,333.33) and Kano (N1,315.23).

“States with the lowest average price per litre of kerosene were Katsina (N276.11), Delta (N278.97) and Kwara (N279.05),” the survey showed.

The bureau, in its latest Liquefied Petroleum Gas (cooking gas) Price Watch, also stated: “Similarly, average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (cooking gas) increased by 0.01 per cent MoM and decreased by 1.52 per cent YoY to N4,180.57 in February 2020 from N4, 180.24 in January 2020.

“Average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (cooking gas) decreased by 1.18 per cent MoM and by 3.50 per cent YoY to N1, 995.35 in February 2020 from N2,019.10 in January 2020,” it added.

The average prices paid by consumers for premium motor spirit also known as petrol also rose last month from the levels in January.

The Bureau, however, noted that the prices consumers paid for diesel fell during the period.

In its PMS Price Watch for February, the bureau stated: “Average price paid by consumers for premium motor spirit (petrol) increased by 0.08 per cent, year-on-year (YoY), and MoM by 0.03 per cent to N145.41 in February 2020 from N145.37 in January 2020.

“States with the highest average price of premium motor spirit (petrol) were Abia (N146.87), Adamawa (N146.67) and Niger (N146.57).

“States with the lowest average price of premium motor spirit (petrol) were Abuja (N143.67), Enugu (N144.50) and Lagos (N144.73).”

President Muhammadu Buhari had on Wednesday approved a slash in the pump price of Premium Motor Spirit (PMS) also known as petrol to N125 per litre.

Minister of State for Petroleum Resources, Timipre Sylva, who announced this, maintained that the move was necessitated by th crude oil price rout rocking the global market.

“Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS, which is a direct effect of the crash in global crude oil prices.

“In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation   (NNPC) to reduce the Ex-Coastal and Ex-Depot prices of PMS to reflect current market realities,” he said in a statement made available to newsmen on Wednesday.

The Group Managing Ditector of NNPC, Mele Kyari, added in a notice of compliance to the directive that the petrol will henceforth be sold at N125 per litre.

In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has, according to Kyari, reviewed its *Ex-coastal, Ex-depot and NNPC Retail pump prices* accordingly.

“Effective *19th March 2020,* NNPC Ex-Coastal price for PMS has been reviewed downwards from *N117.6/litre to N99.44/litre* while Ex-Depot price is reduced from *N133.28/litre to N113.28/litre.*

“These reductions will therefore translate to *N125/litre* retail pump price,” the statment read.

Kyari continued: “Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of *N20/litre* for the benefit of all Nigerians.

“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to *N125/litre.”

The drop in crude oil prices, the statement earlier issued by Sylva entitled; “Rèduction in Price of Premiumm Motor Spirit (PMS),” read, “has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.

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