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Published On: Sun, Jan 18th, 2015

NNPC to crash Kerosene price

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NNPC logoBy Etuka Sunday

The Management of the Nigerian National Petroleum Corporation (NNPC) has initiated a scheme called ‘Kero Correct’ that would crash the price of kerosene to the regulated price of N50 per litre nationwide.

A statement by the Group General Manager, Group Public Affairs Division, NNPC, Ohi Alegbe said the plan was disclosed in Abuja over the weekend, observed that though kerosene was the most subsidized product, the Nigerian masses have not been enjoying the subsidy because of the long arbitrage system involved in its distribution and retail, diversion of the product by marketers to the construction industry where it is used for blending bitumen, and the fact that NNPC has no direct control over most of the marketers involved in the distribution and sales of the product.

“The Kero Correct initiative is thus designed to distribute and sell kerosene directly to end users from NNPC Retail mega and affiliate stations across the country at the government-regulated price of N50 per litre to ensure effective control,” the statement said.

The statement quoted the General Manager, NNPC Retail, Mr. Ufford Jackson Ibanga, as assuring that all of the 524 NNPC retail mega, floating mega and affiliate stations across the country have been keyed up for the Kero Correct scheme.

The scheme which will be officially flagged off soon will involve the distribution of a total of 1,500 trucks of kerosene across NNPC Retail’s mega and affiliate stations across the country to ensure that each consumer gets at least 25 litres of the product over the next three months.

 

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