Zambia has suspended value-added tax (VAT) on diesel and petrol in an effort to avert an expected price increase as the country prepares for elections in August. Finance minister Bwalya Ng’andu signed a statutory instrument zero-rating petrol and diesel with effect from 1 January. The government had previously charged VAT of 16% on petroleum products. Fuel prices were last raised in December 2019 when the kwacha had depreciated to 14 to the dollar while crude oil prices were at $70/bbl.
Issue 430 - 14 January 2021
Zambia
Downstream, Finance
Supporters of a revamped Petroleum Industry Bill (PIB) believe that, this time, the outcome for legislation to reform Nigerian National Petroleum Corporation (NNPC) and the hydrocarbons sector will be different from past disappointments, when vested interests stalled efforts to overhaul an underperforming and opaque sector. Senate president Ahmad Lawan on 29 September committed the bicameral National Assembly to pass legislation to make the industry more effective and efficient. After years of delay,“we will break that jinx and see to the passage of the bill”, Lawan promised. The Senate on 30 September approved the a 239-page draft PIB’s first reading, opening the way for more hearings.
Issue 425 - 22 October 2020
Nigeria
Upstream, Politics, Downstream, Governance
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