Marketers are selling Household Kerosene (HHK) above the approved price of N84.17 per litre, investigation has revealed.
They sell the product for between N115 and N120 per litre.
According to the Petroleum Products Pricing Regulatory Agency’s (PPPRA) pricing template of March 17, the expected open market price (OMP) of kerosene is N84.17 per litre.
However, marketers, mainly independents, sell the product well above the approved price of N84.17 per litre. In many retail outlets in Lagos, The Nation discovered that consumers buy kerosene at N120 per litre.
At some retail outlets in Ikotun, Egbeda, Idimu, Iyana-Ipaja, and Agege in Lagos, consumers stood in long queues to buy the product, described as “poor man specific”. Those who went to the Nigerian National Petroleum Corporation (NNPC) outlets to buy at cheaper price, were disappointed as the product was not available.
Contacted, Independent Petroleum Marketers Association of Nigeria (IPMAN) National President Mr. Chinedu Okoronkwo said he was not aware that his members were selling kerosene above the official price.
He said the association would deal with any of his members who sells the product above the official price of N83 per litre, adding that the association is yet to arrest anybody in that regard.
Activities in the market, he said, were determined by the forces of demand and supply, adding that market forces may influence selling the products above the official price by their members.
Okoronkwo said: “IPMAN as a body was not aware that his members are selling kerosene above the official pump price of N85 per litre. In case members of the public get hold of a marketer that sells kerosene above the official price, report the marketer to us. We at IPMAN would not hesitate to deal with such a marketer. However, we cannot rule out the role of market forces in the issue, because marketers who sell petroleum products at above the regulated prices may be operating in accordance with market forces.’’