Mr. Robert Dickerman, the Managing Director/CEO of Pinnacle Oil and Gas Limited, highlighted during a panel discussion at Nigeria's Downstream Forum that despite deregulation, Nigeria is still spending approximately ₦1 trillion monthly on petrol subsidies.
He emphasized that this subsidy, while keeping petrol prices low domestically, leads to smuggling and strains the national budget.
Additionally, he noted that discontinuing subsidy payments would halt petrol supply without domestic refineries.
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