Nigerian Billionaire Femi Otedola Crashes Price Of Kerosene To 25 Cents Per Litrer

Nigerian billionaire oil magnate Femi Otedola has crashed the price of House Hold Kerosene (HHK) in his gas stations in a move that could spark off a price war among the country’s oil marketers. On Monday, Otedola, who is the chairman and controlling shareholder of Forte Oil, a publicly- listed Nigerian oil marketing company, ordered all Forte oil retail outlets across Nigeria to henceforth sell HHK at N50/litre, down from the current market price of N125 per litre. In a press release issued to Nigerian Journalists, Forte Oil said the company’s decision to slash the price was in furtherance of Otedola’s decision to identify with President Muhammadu Buhari’s bid to lighten the burden faced by millions of low-income Nigerians who rely on the fuel primarily for cooking, powering kerosene lamps and other domestic purposes. On Tuesday, Forte Oil began selling the product dubbed “Buhari Kerosene” across its retail outlets in Lagos. The company will extend it to other retail outlets across the country within the next few days.