Forte Oil Chairman, Otedola Crashes Kerosene Price To N50/litre
BEVERLY HILLS, September 15, (THEWILL) – Chairman of Forte Oil, Mr. Femi Otedola, has crashed the price of House Hold Kerosene (HHK) to N50/litre, representing over 60% reduction in pump price.
The billionaire has ordered all Forte Oil stations nationwide to implement the directive tagged “Buhari Kerosene”. He said the initiative was in furtherance of his decision to identify with President Muhammadu Buhari’s bid to ameliorate the hardship faced by millions of Nigerians daily.
Forte has an extensive network of fuel stations across Nigeria.
Otedola had recently blown the lid off the activities of some shady persons 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 said, “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.