- Luwoye attributes the price hike to the introduction of 7.5% Value Added Tax on imported LPG, the devaluation of the naira and the scarcity of dollars
The Chief Executive Officer of Ecogas Energy Resources Limited, Shina Luwoye, has lamented the unabated hike in the price of Liquefied Petroleum Gas (cooking gas) in Nigeria describing it as a threat to domestic market, which has seen significant growth in consumption in recent years.
Speaking with newsmen Luwoye attributed the price hike to the introduction of 7.5% Value Added Tax on imported LPG, the devaluation of the naira and the scarcity of dollars.
He added that Federal Government’s efforts to deepen adoption of LPG have been yielding results and it can be seen through the high demand for the product.
He explained that the gains recorded, now make more people to demand for gas but unfortunately the recent uncontrollable northward movement in LPG market price curve is posing a threat to the domestic LPG market.
SOURCE: orangefm.com.ng