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FG Moves To Crash Cost Of Cooking Gas

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FG Moves To Crash Cost Of Cooking Gas

The Federal Government has eliminated the payment of VAT and customs duties on cooking gas imports. According to TheCable, this approach is intended to drive down the price of the critical commodity.

This decision was communicated by the Ministry of Finance in a letter dated November 28, 2023 and written to a number of officials, including the Special Adviser to the President on Energy, the Comptroller-General of the Nigeria Customs Service (NCS), and the Chairman of the Federal Inland Revenue Service (FIRS). The letter was signed by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

The letter in part reads: “In line with His Excellency, President Bola Tinubu’s commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices and promoting clean cooking practices, I hereby affirm Presidential directive dated July 29, 2022, with reference number PRES/88/MPR/99.

Read Also: Cooking Gas Price May Hit 1440/KG By December – Gas Retailers

“Accordingly, the importation of LPG utilizing HS Codes 2711.12.00.00, 2711.13.00.00 and 2711.19.00.00 is exempt from Import Duty and Value-Added Tax. Consequently, the Importation of LPG shall incur a 0% duty rate and 0% VAT rate, effective immediately.”

The ministry also asked the Nigerian Customs Service to comply with a presidential instruction given on July 29, 2022, and to revoke any debit notes issued to petroleum marketers who imported LPG “using codes 2711.1.2.00.00 and 2711.13.00.00 from August 26, 2019 to the present date.”

LPG cylinders, LPG cascades, gas leak detectors, steel pipes, steel valves and fittings, LPG dispensers, gas generators and LPG vehicles are also exempt from VAT and duty payment.

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