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The HM Finance . @ZShamsuna was quoted as saying that Dangote refinery will sell PMS at International price and only shipping cost will be saved.
I wish to provide more details. . @ishakaa . @jeffphilips1 . @MBuhari . @FMPRng
I wish to provide more details. . @ishakaa . @jeffphilips1 . @MBuhari . @FMPRng
The avg price of PMS in USA is 0.66c per litre and includes 18.4c / gallon Federal excise tax. State and local taxes add 34c / litre on PMS price in USA (50% tax)
The price of PMS in UK is ÂŁ1.24 and includes fuel duty tax of 58p per litre (49% tax)
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The price of PMS in UK is ÂŁ1.24 and includes fuel duty tax of 58p per litre (49% tax)
Nigerians have been very lucky. While countries like USA, Canada and UK apply as much as 50% tax on each litre of PMS to generate revenue, the reverse is the case in Nigeria via subsidy.
The current deregulated PMS price in Nigeria does not include 50% tax.
The current deregulated PMS price in Nigeria does not include 50% tax.
The average global PMS price is $1.24 per litre but note it includes as high as 50% in local taxes.
Therefore, the Dangote PMS price will be less current shipping cost and ofcourse less 50% local taxes.
The Govt of Nigeria is at liberty to apply Federal tax to generate revenue.
Therefore, the Dangote PMS price will be less current shipping cost and ofcourse less 50% local taxes.
The Govt of Nigeria is at liberty to apply Federal tax to generate revenue.
In my opinion, the current PMS price for Nigeria is a very good deal and does not require any strike or civil unrest action. The waiver of 50% tax per litre by FG can be argued or considered a technical subsidy and is a strong point of negotiation with NLC https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">. @ZShamsuna
