Charcoals sellers in FCT are now smiling to banks due to recent increase in the price of Kerosene. The price of kerosene in the area has risen from N50 to N300 per litre. Some charcoal sellers in Abuja said on Wednesday that they were now making huge profits. Mrs Chiamaka Odo, a seller in Orozo Market, said that charcoal business was now booming because residents who could not afford kerosene for cooking were now using charcoal.
According to her, sellers did not make as much profit before when a kerosene bottle was sold at between N70 and N100. “Since the price of kerosene was hiked from N50 to N220 per litre by the NNPC, I sell more charcoal than I used to sell before and also make lots of gains. “Before I used to buy five to seven bags of charcoals which I hardly finish selling them before the month end, but now I finish these quantities before two weeks,’’ she said.
Odo said that although she was making profits in the business, but the price she bought the product had also increased from N1000 to N1,500 per bag. She said that she used to sell a ‘mudu’ measure of charcoal at the rate of N50 before, but now the price had gone up to N100 per a mudu. She said she was now making between N20, 000 to N25, 000 gains monthly. Odo listed the current rains, lack of funds to increase her business and scarcity of log for making the charcoal in FCT as the challenges she faced in the business…Read more