I believe that the Apostles received the power, but it was for them only and has not been handed on in the Church.

The Catholic Answers

Christ commissioned His Church to teach all nations till the end of the world. The Apostles had to hand on all essential powers to their successors. And the conditions of salvation must be the same for us as for the first Christians. If those subject to the Apostles had to obtain forgiveness from their fellow men, there is no reason why we should be exempt. We share the same privileges as the early Christians and must have the same obligations. Till the Reformation all Christians went to confession. In the 4th century we find St. Ambrose defending Confession by saying that if a man can forgive sin by baptizing, he claims nothing greater when he claims the power to forgive sin through the Sacrament of Penance. That Priests possessed such power was Christian doctrine in his time and is still the doctrine of the Catholic Church. The Greek Church, which broke away from the Catholic Church in the ninth century, has retained this Apostolic practice. Protestantism gave up the practice in the 16th century because it was uncomfortable and mortifying. But once admit such a principle, and one could abolish every uncomfortable commandment of God.

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The Case for Catholicism - Answers to Classic and Contemporary Protestant Objections

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