7.5% VAT pushes diesel price to N950 per litre

The President of the Natural Oil and Gas Suppliers Association of Nigeria,  Bennett Korie, has said the 7.5% value-added tax (VAT) on diesel has pushed pump prices to N900 at the least and N950 at the maximum across Nigeria.

He said this during a press briefing in Abuja while addressing the economic situation in the country which has deteriorated due to marketers’ inability to import diesel as they presently cannot access dollars.  

Note that the exchange rate between the naira and dollar closed last week quoting for as high as N955/$1 on the black market. 

Korie stated that the foreign exchange crisis, as well as the 7.5% VAT on diesel, have pushed prices from N650 per litre to over N900 per litre.

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Korie also addressed the issue of road infrastructure on the Port-Harcourt-Warri road, which further compounds the problems at hand.

He said, “For two weeks now, our tankers have been on that road; you can’t cross it. Our roads are bad, our trucks are trapped on the Warri-Abuja road for two weeks, and our drivers are kidnapped, and killed, while others suffer.”