12.5kg cooking fuel hits N12,500

Worth of 12.5kg of Liquefied Pure Fuel or cooking fuel has elevated to N12,500 as Nigeria celebrates her 63rd Independence anniversary, The PUNCH has gathered.

Market survey by our correspondent revealed that fuel retailers had jerked up costs of 12.5kg from N10,000 reported in direction of the tip of final month, to round N12,500 in Lagos.

The PUNCH had reported how the President, Nigerian Affiliation of Liquefied Petroleum Fuel Entrepreneurs, Olatunbosun Oladapo, warned that the worth of 12.5kg cooking fuel might hit as excessive as N18,000 by December if the Federal Authorities didn’t checkmate the actions of the terminal homeowners.

Nevertheless, regardless of the warning, Olatunbosun instructed The PUNCH on Monday, that the federal government was but to wade into the disaster.

“Sure, the worth is now N1,000 per kilogram however the authorities is but to step in regardless of a gathering we had with the NMDPRA,” he mentioned.

In accordance with him, fuel retailers nonetheless purchase 20 metric tons of fuel for N14m on the depot.

“We nonetheless purchase a 20 MT truck at N14m on the depots. And the worth of diesel has elevated that it now prices N1.7m to take fuel from Lagos to the North as a result of excessive value of diesel. If we promote right here at N1,000 per 1kg, simply think about how a lot it might value within the Center East and North.

“What we pray for is for costs to come back down in order that the extraordinary plenty can profit from the last decade of fuel coverage of the Federal Authorities that seeks to make fuel accessible and reasonably priced for the widespread man.”

The PUNCH had in September, reported how terminal homeowners jerked up the worth of cooking fuel from between N9m-N10m per 20 metric tons to N14m.

“There’s a ridiculous hike in fuel costs occurring proper now, and I’m afraid that if the Federal Authorities doesn’t step in to checkmate the actions of those terminal homeowners, worth might attain as excessive as N18m for a 20 metric tons truck by December. Which means that a 12.5kg might go as excessive as N18,000,” he had instructed The PUNCH.

In accordance with him; terminal homeowners had been “hiding below the guise of excessive international change to extend worth, and additional enhance the struggling of the plenty,” he mentioned.

Though fuel terminal homeowners would not have a visual affiliation, spokespersons for NavGas, Friday Agwu, and Nipco Plc, Askay Kumar, didn’t reply to enquiries by The PUNCH.