There are strong indications that the federal government may have granted exemption to importers of Low Pour Fuel Oil (LPFO); an essential ingredient in the running of machineries for the production.
The consignments may have been exempted from payment of import duties and other charges at the ports.
Two foremost members of the organised private sector: Nigerian Association of Chambers of Commerce and Industries, Mines and Agriculture (NACCIMA) and the Manufacturers Association of Nigeria (MAN) had sent a Save Our Soul (SOS) to the presidency over the rising cosy of LPFO and pleaded for a cushion.
In an apparent response to complaints by the Presidency has exempted importers of Low Pour Fuel Oil (LPFO)
Coming on the heels of speculations that government is planning to reduce port charges on tankers laden with petroleum products, sources confirmed last week that the move to
A source at the NNPC told our correspondent that already a letter has been sent to the Customs to stop collection of such revenue. “The Minister of Finance has given approval for exemption of import duties on LPFO, based on complaints of MAN, NACCIMA and big time players like the Dangote Industries”.
The price of LPFO, commonly used as industrial fuel by manufacturers has hit an all time high of N93 per litre within the last four months; representing an increase of about 350 per cent up from the N22 per litre prior to government’s policy of complete deregulation of diesel, LPFO and related products since the middle of this year.
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