According to the Managing Director of Pinnacle Oil, FG pays one trillion naira every month for petrol subsidy.
Despite the deregulation, Pinnacle Oil and Gas Limited, a local oil and gas company operating throughout the downstream value chain, has revealed that Nigeria is currently spending approximately N1 trillion every month on petrol subsidies.
The company’s Managing Director/CEO, Mr. Robert Dickerman, revealed this information while participating in a panel discussion at session six of Nigeria’s Downstream Forum, which took place at the recently concluded Nigeria International Energy Summit (NIES) in Abuja.
He mentioned that a significant subsidy is still in place, contributing to the product’s affordable price and potentially fueling smuggling activities to nearby nations.
Chinedu Nzogbu