The Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited, has hinted that petrol may cost N340 per litre in 2022 as the subsidy regime for petroleum products will come to an end in February 2022.
The NNPC boss said this at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” on Tuesday, November 23.
He said, “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.”
Kyari 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.
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 however gave an assurance that the company was working on increasing local production to meet consumption demands.