The Forte Oil boss had recently expose 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 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 the regulated price for HHK is sold N40.90K for the Pipelines and Products Marketing Company (PPMC), an arm of the Nigerian
National Petroleum Corporation (NNPC) with the objective of selling to the average Nigerians at the pump price of of N50 per liter, but the desperate major
HHK dealers sell the product all over the country 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 expanciate 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. Perhaps rivals of the billionaire oil magnate will follow suit and emulate his conscious attempt to make life more bearable for the average man on the street.
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