Pinnacle Oil and Gas Limited, an indigenous oil and gas company active across the entire downstream value chain, has disclosed that Nigeria is currently paying about N1 trillion monthly as petrol subsidy.
According to Vanguardngr, Managing Director/CEO of the company, Mr. Robert Dickerman, disclosed this while speaking during a panel session six, on Nigeria’s Downstream Forum at the just-concluded Nigeria International Energy Summit (NIES) in Abuja.
He said there is still a massive subsidy, which explains why the product remains cheap, thus encouraging smuggling to neighbouring countries.
