By John Ikani
Malam Mele Kyari, Group Managing Director, Nigerian National Petroleum Company (NNPC), has hinted that a litre of fuel may sell between N320 and N340 in 2022.
Kyari revealed this at the launch of the World Bank Nigeria Development Update (NDU) November 2021 edition, titled ‘Time for Business Unusual’, in Abuja on Tuesday.
According to him, the Petroleum Industry Act (PIA) recently signed into law by President Muhammadu Buhari does not provide for a subsidy, hence its removal in the coming year.
He said that the law provides that by the end of February 2022, the nation should be out of the subsidy regime, 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 added that the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend.
Kyari, however, assured that the company was working on increasing local production to meet the needs of consumers.