Anxiety as Marketers Halt Importation of Cooking Gas, Give ReasonYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Amid the rise in the price of Liquefied Petroleum Gas, popularly called cooking gas, importers of the commodity have halted importation. The Punch reports that this followed the increased cost of the product by 240% for 12.5kg. The newspaper said investigations showed that between January and October, prices of cooking gas jumped from N3,000 to N10,200. The executive secretary, Nigerian Association of Liquefied Petroleum Gas Marketers, Bassey Essien on Monday, November 8, listed reintroduction of customs duty and Value Added Tax on imported LPG as the basic reasons for the halt. Recommended for you Kirikiri inmate gets access to phone, threatens innocent people, Osinbajo’s... It was gathered that at least 65% of LPG is imported into Nigeria, while domestic production accounts for 35%. Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Essien maintained that the supply of the commodity domestically could suffer a severe drop if the halt in LPG imports should drag further. Earlier, ThisDay reported that Olatunbosun Oladagbo, the national president of the Association of Liquefied Petroleum Gas Marketers, called on President Muhammadu Buhari, to order the suspension of charges on gas imports. According to Oladagbo, the move had become important following the absence of functional refineries for local production. He explained that the Nigerian leader should, as a matter of urgent national emergency, emplace a waiver for imports in order to reduce the spiralling gas price. He said Nigeria produced only 550 metric tonnes which was insufficient while the rest were imports. Recommended for you Delta PDP guber candidate, Sheriff Oborevwori escapes assassination In a previous report by Legit.ng, operators attributed the hike in gas price to the nation’s grappling economy, rise in population and VAT. Nigeria LNG Limited stated the reason why it reduced the export of cooking gas in the country. The organisation disclosed it reduced its exports of cooking gas, so as to meet the rising demand in the domestic market. Meanwhile, the Chief Executive Officer of Ecogas Energy Resources Limited, Chief Shina Luwoye, said the surge in the price of cooking gas in Nigeria is a threat to the domestic market, which has seen significant growth in consumption in recent years. Luwoye attributed the price hike to the introduction of 7.5 per cent Value Added Tax on imported LPG, the devaluation of the naira and the scarcity of dollars. He also said the ability to import LPG into the country was being limited by foreign exchange scarcity. Source: Legit.ng The importation of Liquefied Petroleum Gas, popularly called cooking gas, has been stopped by gas marketers Bassey Essien, executive secretary, Nigerian Association of Liquefied Petroleum Gas Marketers, warned against the halt on importation dragging further According to Essien, the reintroduction of customs duty and VAT on the commodity was the reason for the halt in the importation Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Legit.ng,