Oil Baron and chairman of Forte Oil, Femi Otedola, has crashed sales of House Hold Kerosene, HHK, to N50 per liter nationwide, an over 50 per cent reduction of its current pump price of N125 per liter.
Code named “Buhari Kerosene,” the Oil Baron said the decision to crash the pump price of Kerosene is to make Nigerians begin to see the real change in the new administration of President Mohammadu Buhari.
Otedola has already directed all his Forte oil fuel stations across the country to commence sale of Kerosene at N50 per liter as part of decision to identify with Buhari’s bid to ameliorate the hardships faced by millions of Nigerians daily.
Trial sale of the “Buhari kerosene” started at the Ikeja Oba Akran fuelForte Oil fuel station yesterday with thousands of buyers at the station.
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.
He attributed the development 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
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.