The Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari has disclosed that Premium Motor Spirit (PMS), popularly known as petrol, will sell between N320 to N340 per litre in the year 2022 following the removal of fuel subsidy.
Malam Kyari made the disclosure in Abuja during the presentation of the November edition of the World Bank Nigeria Development Update, titled: “Time for Business Unusual.”
The NNPCL boss also disclosed that the federal government would be out of the subsidy regime in the first quarter of 2022.
According to him, the subsidy would have been eliminated this year, but for certain factors that prevented it.
However, Kyari noted that the move will be unstoppable next year.
He 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 liter.
He said meanwhile: “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.”
Hence, he said, the Federal Government is planning to give N5,000 each to 40 million Nigerians, representing 40 per cent of the country’s 200 million population, next year to coincide with the take off of the subsidy removal.