Nigerian Government Imposes 0.5% Levy on Fuel Dealers, Petrol Prices Set to Rise
The Nigerian government has mandated a 0.5% levy on fuel dealers, signaling an impending increase in petrol prices nationwide. The levy, aimed at regulating the downstream petroleum sector, has raised uncertainties and financial burdens for stakeholders.
The Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) is tasked with collecting and remitting the levy from fuel suppliers. Stakeholders have questioned the implementation and impact of the levy, with concerns about its treatment as value-added tax.
The new regulation is set to be fully enforced by 2025, impacting the cost of fuel for consumers.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
Read full article
Continue on Legit.ng
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria Plans 15% Levy on Fuel Imports to Boost Revenue and Support Refineries
Nigerian Government Foresees Continued Drop in Fuel Prices, Cites Increased Competition and Supply
Depot Owners Cut Petrol Prices in Nigeria, Boosting Market Optimism
Nigerian Oil Companies Exploit Citizens with Significant Petrol Price Hikes Amid Crude Oil Surge
CBN Lowers Monetary Policy Rate to 23% Impacting Investments
NNPCL Lowers Petrol Prices in Lagos and Abuja
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
