Connect with us

News

Diesel price remain N1000 despite VAT removal – Report

Published




Despite the federal government’s announcement that it has abolished the value-added tax on diesel, oil marketers have reported that the price of automotive gas oil, also known as diesel, remains above N1,000 per litre. 

The diesel price still ranges between N990 and N1,100 per litre in Lagos, even though many petrol stations are reportedly out of stock due to the high cost.

Mohammed Shuaibu, Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, confirmed that despite the announcement, the cost of diesel remains high. 

Yes, we heard the announcement yesterday (Sunday) that VAT on diesel has been removed, but as I speak with you, the cost of diesel is still between N990 and N1,100/litre, depending on where you are getting it from,” said Mohammed Shuaibu, Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja.

MORE READING!  74-year-old Ghanaian granted UK citizenship after 47 years

“So for now, it’s simply an announcement. We anticipate its application. However, given that Monday is a holiday, I must state that implementation might begin tomorrow,” he said

Akin Akinrinade of the Independent Petroleum Marketers Association of Nigeria stated that diesel prices won’t decrease until the Nigerian Midstream and Downstream Petroleum Regulatory Authority gives new instructions. 

He also mentioned that they still have outdated inventory that must be sold before new products arrive.

Recall that Wuzup Nigeria reported that the Minister of Information and National Orientation, Mohammed Idris, announced on Sunday that it removed the VAT on diesel for a period of six months following a meeting with labour unions.

Advertisement
Comments



Trending