Oil marketers, on Monday, said the foreign exchange crisis in Nigeria and the recent implementation of a 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly called diesel, had pushed up the cost of the commodity to between N900 and N950/litre in many states.

The development has made local manufacturers say that the situation may lead to the closure of some factories and job losses.

Speaking under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria at a press briefing in Abuja, the marketers explained that their inability to access the United States dollars was impeding their ability to import diesel.

The National President, NOGASA, Benneth Korie, told journalists that the cost of diesel was around N650/litre before the Federal Government introduced a 7.5 per cent VAT on the commodity.

On June 20, 2023, The PUNCH reported that the Federal Government had commenced the implementation of the payment of 7.5 per cent VAT on diesel.

Officials of the Nigeria Customs Service and Federal Inland Revenue Service had confirmed this in Abuja, stressing that AGO was not exempted from the payment of VAT based on the VAT Modification Order 2021.

Speaking at the press briefing on Monday, the NOGASA president said, “Diesel price is now approaching N900 to N950/litre depending on where you are buying it from. Before the introduction of VAT on diesel by the FIRS, diesel was around N650/litre.

[“This increase in price is also due to the scarcity of the dollars. The government has to intervene in this dollar situation. All bank CEOs, Central Bank of Nigeria and others must meet to address this dollar issue. The way it is going, it will destroy a lot of things for us if it is not controlled.”

Korie also called on President Bola Tinubu to get Nigeria’s refineries working. He said the pressure by marketers and other importers on dollars would reduce when Nigeria’s refineries start to pump out refined products.

“Our refineries were built by human beings and can be fixed by human beings. I believe Nigerian engineers can fix these refineries, instead of us depending on imports. This is not sustainable.

“We are pilling pressure on the very limited dollars in the country by importing petroleum products and other commodities. But once our refineries start working, this pressure will drastically reduce. The government has to fix our refineries,” he stated.

The NOGASA president also decried the state of Nigerian roads, as he gave an instance with the Port Harcourt-Warri road, stressing that about 500 tankers were currently trapped on that road due to its abysmal nature.

“For two weeks now our tankers have been on that road; you can’t cross it. Our roads are bad, our trucks trapped on the Warri-Abuja road for two weeks, our drivers are kidnapped, killed, while others suffer.

“Some of the roads are blocked. If the government does not fix those roads, then petroleum products will stop coming to Abuja and other locations across the country,” Korie stated.

Manufacturers lament hike

Meanwhile, reacting on the development, the Director-General of the Nigerian Textile Manufacturers Association, Hamma Kwajaffa, said several textile manufacturers were contemplating to shut down their operations owing to rising costs, largely caused by skyrocketing energy costs.

The DG said textile manufacturers could not afford to buy diesel at the projected price of _

He said, “Many are contemplating closing for now. We can’t meet up with that kind of amount. We have less than 24 textiles today, those who are working are contemplating closure. They have been pushed to the wall. These businesses are not in charity. They have to break even.

In the same vein, the Chief Executive Officer of Coleman Technical Industries Limited, George Onafowokan said increased diesel costs implied increased cost of production for the company.

He urged the government to find lasting solutions to the constant increase in diesel costs.

Onafowokan said, “Whenever the price of diesel goes up, it makes everybody’s cost go up. Logistics costs will go up for everybody, power costs will go up if diesel sells at N950.

“We are all in crisis. For most businesses in Nigeria, especially manufacturers, we are taking hits day in day out and sincerely, the government needs to do better not only in giving palliatives to the people, but for the businesses that are employing them, especially manufacturers.”

Source: https://punchng.com/Diesel-price-hits-N950/litre-manufacturers-fear-shutdowns-job-losses

May this be the portion of all APC supporters, fans , voters in Jesus name Amen

The new diesel price of 950 will favour me and my family.

Some UNA GO SEE SHEGE crew will arrive here soon.

Whether we all see shege or not, Tinubu will rule us for 8 years then pass the baton to Shetima.

If you all saw shege in Ananmbra while Obi was a governor and you didn't die but still voted for him again in 2023, nobody will die during Tinubu's adminstration.

Nigeria will be great.

It's a serious matter o

Let the poor breathe.......

accordadoga24:
Some UNA GO SEE SHEGE crew will arrive here soon.

Whether we all see shege or not, Tinubu will rule us for 8 years then pass the baton to Shetima.

If you all saw shege in Ananmbra while Obi was a governor and you didn't die, nobody will die during Tinubu's adminstration

I believe you, we the APC card carrying members will continue buying at the old rate once we flash our membership card, it will favour us and our families. Tinubu =4+4=8!

accordadoga24:
Some UNA GO SEE SHEGE crew will arrive here soon.

Whether we all see shege or not, Tinubu will rule us for 8 years then pass the baton to Shetima.

If you all saw shege in Ananmbra while Obi was a governor and you didn't die, nobody will die during Tinubu's adminstration.

Nigeria will be great.

You are a heartless soul. Even if not for Igbos that you love to hate, why not look at your brother's that are drenching in tears?

It's really scary. Before now some factories are being shut down. Now it's really out of hand. The same people that voted for Buhari and later said they realized their mistakes are the same people that voted for Tinubu.

One begins to Wonder when will we as a people shun tribalism and religion and put the right people in power.

I remember how the druggie supporters were everywhere telling us how the the Ebola druggie performed magic in Lagos and how he would do same in Nigeria if he became the president. Now, here we are. When some of us talk on this forum, you should listen.

[quote author=accordadoga24 post=125119214]Some UNA GO SEE SHEGE crew will arrive here soon.

What has Obi got to do with this topic. So everybody was governed by Obiin the past?
And who told you people are not dying in the country because of these happenings.

Know when to talk and what to talk next time.

If this will favour you and your family, what about your neighbors, friends, relative and colleagues.

Like I said, Senu need to add IQ test on the registration page. It shouldn't be complex just a simple question to determine the mentality of his users.

Some people are not normal, even mad person they speak correct English

accordadoga24:
Some UNA GO SEE SHEGE crew will arrive here soon.

Whether we all see shege or not, Tinubu will rule us for 8 years then pass the baton to Shetima.

If you all saw shege in Ananmbra while Obi was a governor and you didn't die but still voted for him again in 2023, nobody will die during Tinubu's adminstration.

Nigeria will be great.

suffer nor dey tire you

Hahahahahahahahahahahahahahhahahahahahahahahahahahahahahahahahahahahhahahahahahahahahaha

Recycled Shege pro max

Una never see anything. ....

Why won't GSK fold up?

Why won't other prominent foreign companies fold up?

An oil producing country can't even brag of steady electricity nor cheaper oil from its country.....


Even the renewed hope we tried to keep was shattered as Tinubu spokes person claimed that the Rivers, Dangote and BUA refineries won't still have us buy cheaper fuel when it's starts functioning at 100%...


Shege still the play ..,... Banaza de sleep.

Nigeria is nose diving into a state of anarchy. The Nigerian government needs to step up. Are they even trying at all??

I hope we learn this time

You should only enter a serious relationship with a woman if she is willing to add extra value to your life, not extra unnecessary billings and dramas. This is what is presently happening in Nigerian's political space.

Wotowoto... its sad to be in the same country with fools who voted for this government. ... the Nigerian state has failed its citizens...

At this point anything is possible in Nigeria

Meanwhile

Omah Lay's Unbelievable Performance In Oslo Norway

https://www.youtube.com/watch?v=3iVW913IJFo

I told them they wouldn't listen

Nija is finished.

And the best thing the druglord can come up with is war in Niger republic?

As a matter of urgency, we as a country need help!

I love this news.
Buy your bicycles now that's it's cheap o, since your Escobar messiah has abandoned you ppl to suffer.

Una go get this sense by force.

accordadoga24:
Some UNA GO SEE SHEGE crew will arrive here soon.

Whether we all see shege or not, Tinubu will rule us for 8 years then pass the baton to Shetima.

If you all saw shege in Ananmbra while Obi was a governor and you didn't die but still voted for him again in 2023, nobody will die during Tinubu's adminstration.

Nigeria will be great.

Most times, idiots like this person are living with their parents.
They're so useless that their parents are the ones suffering and they don't even know.
Thsts why I don't take them serious

Let give tinubu more 3yrs he will fix Nigeria. No need to panic.

What pains me the most is the idiots that called themselves graduates that who to think differently from others are the ones championing and spewing thrash.....

se na one day Tinubu go build refinery?!... your country has being without a functioning refinery for about forty years now....an oil producing country for that matter!..... na Tinubu go come fix am now?.....it doesnt take a reasonable person to elucidate that what we are facing at the moment is a cumulative effect of successive failed administrations....Obasanjo, yaradua, Jonathan and Buhari are all failed leaders........

nothing Obi or Atiku would have done differently as regard fuel subsidy......so, all this shit happening is expected.....

And the Dangote that is building a refinery at the moment said he will sell at international rate......SMH...corrupt leaders and dishonest followers