The implementation of 7.5% VAT on diesel has driven the product price from N600 to N950 per litre, oil marketers & manufacturers on Monday disclosed
They also lamented the effect of the foreign exchange on the price of Premium Motor Spirit (PMS), even as they called on the FG to promptly address the situation, which otherwise may further drive up the price
The escalating price of diesel has compelled local manufacturers to express fears over the possible closure of factories & subsequent job losses. Under the banner of the Natural Oil & Gas Suppliers Association of Nigeria, oil marketers addressed the issue during a press conference in Abuja
He urged collective action from bank CEOs, the CBN & others to address the dollar scarcity issue to avert potential economic repercussions. Korie also advocated for the revival of Nigeria’s refineries, as functional refineries could alleviate pressure on imported petroleum products
