The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) has alarmed the government that the annual subsidy on Premium Motor Spirit (petrol) could rise to N3 trillion if the current market realities continues.
The Managing Director, PPMC, Mr Isiyaku Abdullahi, said this at a panel session during the 15th OTL Africa Downstream Week 2021 in Lagos, according to NAN.
The sharp rise in global oil prices to record highs had pushed the subsidy cost being incurred by the Federal Government to N8.28 billion daily.
Abdullahi added that with the rehabilitation of the country’s refineries and the construction of condensate refineries as well as the Dangote refinery, the Nigerian fuel market would transform from import-dependent to a net exporter by 2024
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