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Business News of Friday, 3 December 2021

Source: sunnewsonline.com

PENGASSAN calls for removal of VAT on gas

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)

Against the backdrop of the recent high cost of Liquified Natural Gas (LPG), known as cooking gas, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has charged the Federal Government to abolish the Value Added Tax (VAT) on gas importation.

The union, in a statement jointly signed by its President, Festus Osifo, and General Secretary, Lumumba Okugbowa, said it is disheartening to note that the price of refilling 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) has risen by almost 100 per cent percent over the past one year.

“This is one singular product that is used by several households in the country. Currently, the cost of cooking gas has continued in steady climb from average of N4,500 at the beginning of 2021 to the current price of between N8,750 and N10,000 for the popular 12.5kg cylinder,” the union said. It lamented that most middle to upper class homes, especially in the urban areas, are feeling the pinch, adding that the poorer families are going through harrowing experience trying to cope, more so as the price of kerosene had long taken flight in addition to being scarce in many places.

“We hereby call on the president to immediately abolish the VAT on gas importation.