ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

Cooking gas price to crash as FG removes VAT

13th August 2018
in Business, Cover
0
COOKING GAS
1.5k
SHARES
829
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

Oil and gas experts have often argued that the VAT imposed on cooking gas makes the product more costly than imported brands from Niger and Equatorial Guinea

Adewale Sanyaolu

Indications emerged at the weekend that the Federal Government has finally succumbed to stakeholders’ pressure by removing Value Added Tax (VAT) on Liquefied Petroleum Gas (LPG) popularly called cooking gas. With this development, consumers should expect a crash in the price of cooking gas by about 20 percent. Currently, a 12.5kg bottle of gas sells for N4,300 and is expected to crash to N3,440 with the new policy.

Oil and gas experts have often argued that the VAT imposed on cooking gas makes the product more costly than imported brands from Niger and Equatorial Guinea, thereby discouraging many consumers from embracing the use of cooking gas.

READ ALSO: Airfares may crash as Buhari abolishes VAT payment by local airlines

A source at the Nigerian National Petroleum Corporation (NNPC) said government has finalised talks with the Nigerian Liquefied Natural Gas (NLNG) and the Federal Inland Revenue Service (FIRS) to suspend further collection of VAT on cooking gas.

The source which did not confirm the date of implementation, assured that an official pronouncement would be made any time from now.

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), has been at the forefront of championing the cause for the removal of VAT on locally produced cooking gas.

NALPGAM had said it was imperative to develop effective policies to encourage investors to come into the LPG sector to deepen market penetration, boost the country’s economy and protect the environment.

READ ALSO: NALPGAM frowns at indiscriminate siting of LGPs in residential areas

According to the association, the removal of VAT on the gas supplied to marketers by NLNG would attract more investors and reduce importation of gas into the country, which is VAT-free.

It also advocated the need for the reduction of import duty on LPG equipment so as to encourage more investors to come in and deepen LPG consumption in the country.

“Our position is that the government has to provide the enabling environment for more people to come in. We have to remove VAT on LPG and reduce import duties on the equipment.

Meanwhile, NALPGAM has announced plans to deepen the use of LPG by assisting to increase local consumption from 700,000 metric tonnes to 1,000,000 metric tonnes yearly.

NALPGAM President, Mr. Nosa Ogieva-Okunbor, said if every stakeholder within the LPG value chain does what is right, the target would increase to about five million metric tonnes by 2025, adding that if achieved, Nigeria would have attained the league of nations with high level of LPG consumption.

READ ALSO: FG pledges new incentives for Techno Oil LPG cylinder plant
Tags: cooking gasLiquefied Petroleum GasLPGNALPGAMNigerian Association of Liquefied Petroleum Gas MarketersVAT
Tokunbo David

Tokunbo David

Sun News Online team writer and news editor

Related Posts

Standard Chartered Bank launches digital operation in Nigeria
Business

Standard Chartered Bank launches digital operation in Nigeria

10th December 2019
House Committee on Defence visits DHQ
Cover

House Committee on Defence visits DHQ

10th December 2019
Blacklisting chronic banks’ debtors
Business

Banker lists ways to fund infrastructure deficit

10th December 2019
Next Post
OKOROCHA

Okorocha lists conditions for Igbo presidency

EMIR of KANO

Kano emir blames insurgency on ideology, poverty

KATSINA

By-election: APC clinches Katsina, Bauchi senatorial seats

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Highlights

Diversification: Non-oil sector’ll sustain Nigeria economy-NEPC

Italy, Mexico urge others to follow their lead on climate education

9-year-old Japanese boy passes university-level maths exam

2020 budget: expert sets 90% implementation target for FG

French unions gear up for show of force over Macron’s pension reforms

Court remands labourer in prison over alleged murder

Trending

Bayelsa govt denies taking up new state loans
National

Bayelsa govt denies taking up new state loans

10th December 2019
0

Femi Folaranmi, Yenagoa The Bayelsa State Government has denied that it is making moves to obtain new...

Training Quranic teachers on Western methods not a replacement - Kebbi Govt

Training Quranic teachers on Western methods not a replacement – Kebbi Govt

10th December 2019
Two brothers remanded in prison for allegedly beheading teenage boy

Court remands farmer in custody for allegedly killing girlfriend

10th December 2019
Diversification: Non-oil sector’ll sustain Nigeria economy-NEPC

Diversification: Non-oil sector’ll sustain Nigeria economy-NEPC

10th December 2019
Italy, Mexico urge others to follow their lead on climate education

Italy, Mexico urge others to follow their lead on climate education

10th December 2019
The Sun Nigeria

Follow us on social media:

Categories

  • Abuja Metro (790)
  • Arts (151)
  • Broken Tongues (139)
  • Business (13,094)
  • Business Week (91)
  • Cartoons (70)
  • Citizen Joe (28)
  • Columns (7,314)
  • Cover (24,721)
  • Culture (40)
  • Duro Onabule (145)
  • Editorial (1,661)
  • Education Review (1,241)
  • Effect (380)
  • Elections (2,744)
  • Entertainment (2,347)
  • Events (105)
  • Features (3,657)
  • Femi Adesina (4)
  • Food & Drinks (146)
  • Frank Talk (99)
  • Funke Egbemode (108)
  • Gallery (7)
  • Health (1,705)
  • Insights (151)
  • Kalu Leadership Series (47)
  • Kunle Solaja (3)
  • Kunle Solaja (23)
  • Letters (156)
  • Lifeline (1,785)
  • Lifestyle (248)
  • Literary Review (656)
  • Marketing Matters (47)
  • Muiz Banire (3)
  • National (56,921)
  • News (1,691)
  • Offside Musings (46)
  • Opinion (4,107)
  • oriental news (788)
  • Politics (10,740)
  • Press Release (4)
  • PressClips (186)
  • Public Sphere (136)
  • Ralph Egbu (163)
  • Shola Oshunkeye (23)
  • Sideview (1)
  • South-west Magazine (824)
  • Sponsored Post (1)
  • Sporting Sun (5,633)
  • Sports (10,443)
  • Sun Girl (1,043)
  • Tea Time (27)
  • The Flipside – Eric Osagie (73)
  • The Sun Awards Live (67)
  • The Sun TV (103)
  • Thoughts & Talks (30)
  • Time Out (168)
  • Today's cover (186)
  • Tola Adeniyi (63)
  • Travel (82)
  • Travel & Tourism (157)
  • Trending (82)
  • TSWeekend (1,335)
  • Turf Game (134)
  • Uncategorized (9)
  • Updates (106)
  • Views from Abroad (56)
  • Voices (135)
  • World (16)
  • World News (6,503)
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.