Wednesday, 24 November 2021 06:01

Petrol to sell for N340 per litre as FG vows to remove subsidy early 2022

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Mele Kyari, Group Managing Director of Nigerian National Petroleum Company (NNPC), has hinted that a litre of fuel may sell between N320 and N340 in 2022.

He said this during the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” in Abuja on Tuesday.

Kyari said fuel subsidy removal would definitely be achieved in 2022.

He said that the law provides that by the end of February 2022, the nation should be out of the subsidy regime.

“There will be no provision for it legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit in the most subtle and easy manner,” he said.

On the hike in prices of cooking gas, he said that it was a demand and supply issue as there was a global crunch on supply of gas and many countries were now threatened by lack of supply in December.

He added that the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend.

Kyari, however, assured that the company was working on increasing local production to meet the needs of consumers.

 

Daily Trust