That Proposed Hike in Petrol Price In 2022

The Chief Executive Officer of Nigerian National Petroleum Company Limited, Mallam Mele Kyari said on Wednesday that subsidy would have been elimimated in 2020 but was prevented by certain factors.

The Group Managing Director of the nation’s oil company disclosed this at the World Bank Nigeria Development Update, November 2021 edition titled ” Time For Business Unusual” noting that the law provides that the Nation should be out of subsidy by the end of February 2022.

Kyari, however assured that fuel subsidy removal would definitely be achieved in 2022 as it was now backed up by law, adding that the price of the product may range between #320 and #340 per litre.

Petrol to cost #340/litre –GMD of NNPC, Malam Kyari

The Chief Executive Officer of Nigerian National Petroleum Company Limited, Malam Mele Kyari has said on Wednesday that subsidy would have been elimimated in 2020 but certain factors prevented it.

The Group Managing Director disclosed this at the Representation of the World Bank Nigeria Development Update, November 2021 edition titled ” Time For Business Unusual” that the law provides that the Nation should be out of subsidy by the end of February, 2022.

Kyari, however assured that fuel subsidy removal would definitely be achieved in 2022 as it was now backed up by law, adding that the price of the product may range between #320 and #340 per litre.

He stressed that the hike in prices of cooking gas was caused by the high demand and supply issue as there was a global crunch on supply of gas and many countries were now threatened by total lack of supply in December. 

“The product was not under any subsidy regime and therefore, irrespective of where it was produced, would follow the global trend”.

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