Bola Tom-Jones, the Chief Executive Officer (CEO) of Moores Energy, has sought the removal of Value Added Tax (VAT) on cooking gas.
In an interview with BizWatch Nigeria, where she made this known, the highly-revered energy tycoon said the VAT on imported cooking gas is an anti-masses policy, adding that the end consumers bear the brunt of it.
“So far this year (2022), cooking gas is one of the numerous commodities that was hit the hardest by inflation. There are many reasons why members of the public have experienced a surge in the price of Liquefied Petroleum Gas (LPG), which I can is more than 100% in the last year.
“I will ascribe the surge in cooking gas prices to a number of factors that include a dearth of infrastructure that disturbs supply logistics, the general rise in international market price, unfavourable foreign exchange (fx), multiple government taxation, and the recent reintroduction of 7.5% VAT on imported gas, amongst others,” Tom-Jones said as she lamented the soaring cooking gas prices.
“With the aforementioned posited realities suppliers and retailers face, don’t you think the end consumers would be more affected,” she queried.
Expressing confidence that a VAT waiver on imported cooking gas would reduce the cost of purchasing the commodity, the Moores Energy founder stated: “We have to take away that, because I believe cooking gas shouldn’t be vatable. When VAT was not on LPG, it was cheaper, the Federal Government have its reason, but we appeal to them to take that out to make it affordable.”
While noting that the dearth of infrastructures affecting suppliers in the cooking gas value chain needs to be checked, Tom-Jones explained the unique selling proposition of her brand, as she unveiled her newly-purchased bobtail truck.
“What we are doing differently at Moores Energy, is that we give our customers the assurance of getting the right quantity, and quality. So, if you are coming for your 12.5kg, you are sure to get the exact thing, and that can take you several weeks. We have as well subsidised our rates for senior citizens to encourage them to make use of cooking gas in their homes. Our products are affordable and accessible to everyone,” she added.
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