A litre of fuel may sell for N340 by February 2022 – NNPC
Story from Saleh INUWA, KANO
A litre of petrol may sell between N320 and N340 when fuel subsidy is finally removed in February 2022, the Group Managing Director of the Nigerian National Petroleum Company (NNPC), Malam Mele Kyari, has said.
This is coming after the Minister of Finance, Budget and National Planning, Zainab Ahmed, hinted on Tuesday that the federal government will remove fuel subsidies by 2022 and replace them with a N5000-a-month transportation grant to N40 million poorest Nigerians.
Buhari suspends inauguration of NNPC board, Kyari disclosed this on Tuesday 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, the oil company chief said.
Speaking on surging 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 are now threatened by lack of supply in December.
Kyari said the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend. He, however, assured that the company was working on increasing local production to meet the needs of consumers.