The Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, on Tuesday said that subsidy would have been eliminated in 2020 but certain factors prevented it.
He, however, said that the law provides that by the end of February 2022, the nation should be out of the subsidy reign.
Kyari said this at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual”.
“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.”
Furthermore, Kyari assured that ”fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law. the price of the product may range between N320 and N340 per litre.”
Presently, the official pump price of petrol, PMS, in Nigeria is N165. However, going by current market data, the commodity presently goes for prices ranging from N165 to N170. The over-the-country average price of petrol is presently N167. 50 per litre.