Gas consumers face challenging times as market insiders suggest that prices will rise in the coming week.
Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, has advised consumers to prepare for impending price hikes.
He attributed this move to multiple factors, including escalating international prices, elevated tax rates, vessel costs, forex scarcity, and the devaluation of the local currency, naira.
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What caused the hike in price?
Olatunbosun emphasized that the price increase will take effect next week due to surges in global prices and higher vessel expenses, compounded by the burden of high taxes.
He expressed concern over the diminishing purchasing power of consumers, leading to widespread distress among consumers, middlemen, and retailers alike.
The anticipated rise in prices has been described by Olatunbosun as unfortunate, placing Nigerian consumers in a challenging position as they grapple with their inability to afford gas.
Marketers plead with Government for tax reduction.
Consequently, individuals have begun reverting to traditional cooking alternatives like firewood, charcoal, and sawdust.
In response to these challenges, Olatunbosun urged the government to step in by providing relief measures, reducing taxes and levies, and addressing the suffering of the masses.
He highlighted the substantial impact of taxes, illustrating that out of an N700-priced 1kg gas, N3.50 would be consumed by taxes, leaving very little profit for businesses.:
Tinubu government set to collect tax from market traders
In another news, The President of Nigeria, Bola Ahmed Tinubu through the Federal Inland Revenue Service announced the Value Added Taxes Direct Initiative, a scheme to enable the government to collect taxes from market traders and informal sectors.
In a statement disclosed on Monday, the FIRS revealed that it would partner with the Market Traders Association of Nigeria.
According to the FIRS, “Through the VAT Direct Initiative, the FIRS will help tackle multiple taxations in the marketplace through a partnership
