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The dreaded oil black market may re-open as the price of kerosene suddenly rises with about 60 percent with the recession still in the economy.
According to the News Agency of Nigeria (NAN), the buyers of kerosene and as well as dealers are all having rough days in their business as the price of kerosene , from N1,100 a gallon in December, 2016 to N1,600 in January 2017.
According to Mr Adeyeye Ayobami, the sudden increase in the price of Kerosene might cause the black-market dealers to resurface again.
“Considering the current hardship caused by the ongoing economic recession, this sudden increase might cause the black-market dealers to resurface which will further worsen our position”. He explained
Kerosene according to pool is being used by more than 65 percent of Nigerians which makes it a general phenomenon.
While responding to the kerosene price increment issue, a source who spoke under anonymity disclosed that the increase in the price of kerosene might be as a result of speculations.
“The price increase we are witnessing on this product (Kerosene) might be as a result of fear and speculation…you know there is crisis currently in oil sector, coupled with the termination of appointment of workers in some oil companies”.