Deregulation: Oil marketers task FG on insecurity, VAT, others - NEWS FRONTIER DAILY


Tuesday, July 11, 2023

Deregulation: Oil marketers task FG on insecurity, VAT, others

The Oil marketers have appealed to the federal government to tackle insecurity and suspend the 7.5 per cent Value Added Tax, VAT on diesel as part of measures needed to impact operations in the downstream sector.

The oil markers also urged the government to put in place measures capable of addressing the rising cost of food items and transportation in the nation in order to impact the welfare of citizens affected by the recent deregulation of the sector.

The Chairman, Major Oil Marketers Association of Nigeria, MOMAN, Olumide Adeosun, who applauded the government for inaugurating the committee on fiscal policy and tax reforms by President Bola Tinubu, said the measures are needed as citizens currently pass through very difficult times.

He disclosed that MOMAN members have the capacity to import petrol into the country; especially since their licenses are renewed on a quarterly basis.

He said: “The reality is that many of us have importation licenses that have never lapsed. We renew them on a quarterly basis via the NMDPRA portal. Some of us are also importing diesel, so we need these licenses.

“The licenses cover multiple products such as ATK, PMS, and AGO. The regulator will tell you that we need them even when we are receiving products from the Nigerian National Petroleum Company Limited (NNPCL), particularly on the high sea.”

Adeosun, who harped on the need to take to cleaner fuels, said: “This commitment to alternative fuels is not only driven by environmental concerns but also by the economic and social benefits associated with a transition to a sustainable energy future.

“By embracing alternative fuels and renewables, the government is not only leading the way towards a greener and more resilient future but also fostering innovation, job creation, and energy security for our country.”

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