The Federal Government of Nigeria has on Saturday, January 23, officially ended the payment of subsidy on kerosene, as the price of Household Kerosene (HHK) was hiked from N50 per litre to N83 per litre.
This disclosure was made known in the latest pricing template for House Hold Kerosene released by the Petroleum Products Pricing Regulatory Agency (PPPRA) over the weekend.
The agency also stated that the retail price of kerosene or HHK by the Nigerian National Petroleum Corporation (NNPC) was N83 per litre, meaning that other petrol stations and dealers can sell higher than the stipulated amount.
According to the template of the PPPRA, the Federal Government makes a profit of N10.72 for every litre of kerosene sold at N83 per litre while the Landing Cost plus Total Margins was pegged at N72.28 per litre.
The unforeseen hike in the price of kerosene came on the heels of the worldwide crash of the price of crude oil and petroleum products- kerosene, fuel and diesel, among others.