Why a litre of petrol may be sold for N340 in 2022- NNPC

The Nigerian National Petroleum Company (NNPC) has dropped the hint that a litre of Petroleum Motor Spirit (PMS) may sell between N320 and N340 in 2022.

The agency said that this will be so because the law does not provide for a subsidy, hence its removal in the coming year.

The disclosure was made by the  Company’s Group Managing Director(GMD)Malam Mele Kyari,  during his presentation at the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” in Abuja.

He said that the law provides that by the end of February 2022, the nation should be out of the subsidy regime.

“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.

Speaking further, he blamed the hike in prices of cooking gas on demand and supply issues as there was a global crunch on supply of gas and many countries were now threatened by lack of supply in December.

He said that the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend.

He assured that the company was working on increasing local production to meet the needs of consumers.

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