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The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, states that the 15% import duty on petrol and diesel would have raised costs by at least N130.
The President of PENGASSAN, Festus Osifo, shared this information on Thursday during an interview on Arise Television, as reported by DAILY POST.
According to DAILY POST, this pertains to premium motor spirit and automotive gas oil.
In response, Osifo commented, “The suspension of the 15% import duty on PMS and diesel is not a mere coincidence.
“The Trade Union Congress, TUC, has been actively working behind the scenes to achieve this result.
“At present, local refineries are only able to meet about 40% of Nigeria’s daily demand.
“If this duty had been implemented, local producers would have likely increased their prices as well.”
Frequently Asked Questions
What is the impact of the 15% import duty on petrol and diesel?
The 15% import duty would have increased the cost of petrol and diesel by at least N130.
Why was the import duty suspended?
The suspension is attributed to the efforts of the Trade Union Congress (TUC) working behind the scenes to influence this decision.
What percentage of Nigeria's daily demand is currently met by local refineries?
Local refineries are currently meeting only about 40% of Nigeria’s daily demand.
