The Nigerian National Petroleum Corporation (NNPC) has justified the recent hike in the price of household kerosene, attributing it to the pressure of demand and supply.
The NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, made this known on Sunday in Abuja pointing out that the price of the product had been deregulated.
“The point remains that the prices of the kerosene is deregulated.
“It is not as controlled with reference to Premium Motor Spirit (PMS) known as Petrol, that is why we see the prices moving up and down.
“The important thing is that the trend you are seeing there had to do with supply and demand. The more the demand, the higher the price locally,’’ he said
Ughamadu noted that the NNPC remained the sole importer of the product and had been augmenting it with the skeletal production from the refineries.
He reiterated the commitment of the corporation to the adequate supply of petroleum products for Nigerians.
“The corporation is doing everything to ensure that we import more volumes of kerosene because, we believe that this is the energy source that the low income earners in the country use,’’ he added
Some outskirt of the Federal Capital territory fix the price of Kerosene between N400 and N500 per litre.
It will be recalled that he National Bureau of Statistics (NBS) in its National House hold price watch in June said the average price per litre paid by consumers for Kerosene increased to N316.43 in June 2 from N315.91 in May.
The NBS said the price of kerosene increased by 0.17 per cent month-on-month and 13.14 per cent year-on-year in the period under review.