Petrol may raise by N340 per litre next year.

Petrol may raise by N340 per litre next year.

The Group Managing Director of the Nigerian National Petroleum Company, NNPC, Mele Kyari, on Tuesday, hinted that a litre of Petroleum Motor Spirit also known as petrol may sell between N320 and N340 in 2022.

Kyayi, who said Nigeria would be out of the subsidy regime in the first quarter of 2022, explained that subsidy would have been eliminated this year, but for certain factors that prevented it.

However, the Federal Government is planning to give N5,000 each to 40 million Nigerians, representing 40 per cent of the country’s 200 million population, next year to coincide with the take-off of the subsidy removal.

“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 subtlest and easy manner,” he said.

He assured that fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law, adding that the price of the product may range between N320 and N340 per litre.

Kaduna State Governor Nasir El-Rufai assured of governors readiness to back the plan to eliminate the subsidy regime.

“Towards this end, we intend to accelerate our structural reforms, particularly in the power sector, in governance, in business environment to unlock the huge potentials of the economy, scale-up social safety net and deepen financial inclusion to reduce poverty and inequality gaps.”

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