THE GOLDMINE CALLED KEROSINE IN NIGERIA

For months now, some Nigerians have been harvesting good gains from the importation and sale of kerosine.

According to various dáta released by the National Bureau of Statistics on petroleum products importation and sale, money is being made not only from buying to resell within but more importantly, from importation of kerosine.

According to the NBS, in December 2016, the national average landing cost of kerosine was N144.82 per litre. Yet the national average price per litre, says NBS for the same month was NN231.85 which comes to 60.1% mark up for such a high volume product with demand across the nation.

In fact, from NBS figures, the margin was even higher in November 2016 since landing cost averaged N127.33 per litre and national average price was N282.86 for the same litre.

That comes to 122.1% mark up on the landing cost of the product in Nigeria.

Yet, in both months, some states had above national average sale price per litre thus increasing the margin. In December, for example, a litre of Kerosine, says NBS in Abia cost N281.67 on the average; N275 in Osun, N273.68 in Ondo and N266.67 in Cross River state.

Other petroleum products offered less .margin within the period though. For petrol, in December national average price was N146.7 per litre and this was only 7.31% higher than the average landing cost stated by NBS for December (N136.71).

As for diesel the December margin came to only 37.4%.

Which makes one wonder: How come the more profitable kerosine became so scarce this year to push pump price to an average of N300 to N350 per litre?

Even now, weeks after the four refineries reportedly resumed production of millions of litres, the price only came down to about N250 to N280 per litre so far in many places.

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