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Petrol may cost N340/litre in 2022 – NNPC

Petrol may rise to N340 per litre in 2022, says the Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Dr. Mele Kyari.

Dr. Kyari hinted that petrol’s price may hit record high in 2022 as the subsidy regime for petroleum products will come to an end in February of the New Year.

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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.

“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, ”he said.

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Dr. 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.