Following the recent and consistent crash of aircrafts in Nigeria, air accident investigators alleged that airlines buy Household Kerosene (HHK) as a substitute for Jet A1 fuel, also called aviation turbine kerosene (ATK).
A re-known businessperson Femi Otedola has called on the Federal Government to give more attention to the sector.
According to a statement signed by him, he said, “This illicit act has been identified as a 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.
“It is pertinent to state that HHK is sold by the Pipelines and Products Marketing Company (PPMC), an arm of the Nigerian National Petroleum Corporation (NNPC) at the ex-depot and regulated price of N40.90k with the objective of selling to the average Nigerian at the pump price of N50.00k per litres.
“However, HHK shares some physical and chemical properties with Jet A1 fuel (except for the storage and handling procedures to eliminate contamination in Jet A1 fuel) is being sold by some petroleum marketers to both local and international airlines at the international market price, which may be as high as N140/litre.
“This huge arbitrage has led to evolution of some mushroom aviation fuel marketers who see this as an opportunity to make big profit,” he added.