Forte Chairman ''Femi Otedola'' Reduces Kerosene’s Price To N50/Litre, Dubs It “Buhari Kerosene”
Forte Oil Chairman, Femi Otedola, has reportedly affirmed his decision to begin sale of House Hold Kerosene (HHK) at the rate of N50 per litre.
This bold move marks a huge reduction in the current pump price by over 50 percent.
The kerosene which he fondly dubbed ‘Buhari Kerosene‘ will begin sale at all his fuel stations across the country.
This is in furtherance of his decision to identify with
President Muhammadu Buhari’s bid to ameliorate the hardships faced by
millions of Nigerians daily.
The Forte Oil boss had recently blown
the lid off the activities of shady characters in the oil sector whom he
blamed for selling House Hold Kerosene (HHK) as Jet A1 fuel, also
called Aviation Turbine Kerosene (ATK), to airline operators.
In a statement signed by him, Otedola
revealed: “This illicit act has been identified as the major factor
contributing to the rising cost of kerosene in the country and may also
be the cause of some of the air mishaps we have encountered in the
country in recent times.”
The Forte Oil boss stated that while
HHK is sold by the Pipelines and Products Marketing Company (PPMC), an
arm of the Nigerian National Petroleum Corporation (NNPC) at the
regulated price of N40.90k with the objective of selling to the average
Nigerian at the pump price of N50 per litre, major HHK dealers sell the
product to poor Nigerians at the pump price of N125 per litre.
And the development is attributable to
the emergence of mushroom marketers who are desperate to make a killing
by selling kerosene as Jet A1 fuel to major local and international
airlines at the pump price of N140/litre or even higher.
He explained that this is possible because HHK shares some physical and chemical properties with Jet A1 fuel.
With his decision to sell HHK at
N50/litre at all his fuel stations nationwide, Otedola will no doubt
reduce the hardships foisted upon millions of Nigerian families by the
prohibitive pricing of the cooking fuel.
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