According to Chief Timipre Sylva, the Minister of State for Petroleum Resources, the Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, also known as gasoline, at a loss due to its Federal Government-mandated obligation to provide subsidies for PMS.
“He claimed that while the price of the good in Nigeria was not as high as that found in other nations, he emphasized that the current national consensus was that subsidies for gasoline were no longer viable.
Investors would continue to be wary of making investments in the downstream oil sector, according to him, until the price of petroleum products was determined by the market.
The federal government disclosed that it had bought shares in four refineries that are located across the nation. Refinery in PH On the rehabilitation of the Port Harcourt Refinery, the minister said the target date for the commencement of operations of the plant had been shifted to the first quarter of this year.
Reacting to the remarks of the NNPC boss, Sylva said, “In other words, what he is saying is that the rehabilitation of the 60,000 barrels per day refinery has been completed and is going to be started in first quarter of 2023 as promised.”