Petrol to cost N340 per litre and N340 in 2022, the Nigerian National Petroleum Company (NNPC) hinted on Tuesday.
According to Malam Mele Kyari, Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited, subsidies would have been phased out by 2020, however, certain factors prevented this.
He did say, however, that the law states that the country should be subsidy-free by the end of February 2022.
He remarked this during the November 2021 edition of the World Bank Nigeria Development Update, titled “Time for Business Unusual.”
Fuel subsidy removal would be realized in 2022, according to Kyari, because it was now firmly backed by legislation, and the price of the commodity might vary between N320 and N340 per litre.
He explained that the increase in cooking gas costs was due to a demand and supply issue, since there was a global gas supply bottleneck, and many nations were now facing a scarcity of supplies in December.
He went on to say that because the product was not subject to any subsidies, it would follow the global trend regardless of where it was manufactured.
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