Sylvester ugochukwu
He said the ongoing issue of oil theft in the Niger Delta continues to be a major challenge, with military forces frequently discovering new illegal operations each week. This poses a serious problem for the federal government, as Nigeria struggles to meet its OPEC quota due to widespread oil theft. It has also been revealed that petrol smugglers used to make N17m per truck under subsidy, exacerbating the issues of theft and illegal refining.
“In the last 47 years, PMS has always been subsidised and subsidy is creating arbitrage that means there is a difference between price in one location, lower than what it should be in another location.” he said.“And when Mr. President announced the removal of subsidy in June, what he did was recalibrate the price. “There is no longer any value in anyone taking the product across the border. If you do, you’re not going to make those profits than you do.
Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has defended the petroleum subsidy removal by President Bola Tinubu.
Edo Baba
Fred
