The Group Managing Director of Nigerian National Petroleum Company Limited, NNPCL Mele Kyari has hinted that petrol will sell for between 320 and 340 naira per liter from February, next year.
He explained that subsidy would have been halted this year, but certain factors prevented it.
Kyari spoke in Abuja at the presentation of the November edition of the World Bank Nigeria Development Update, titled: “Time for Business Unusual.”
The Group Managing Director also assured that the 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 320 and 340 naira per liter.
However, the Federal Government is planning to pay a stipend of 5,000 naira each to 40 million citizens, representing 40 per cent of the country’s 200 million population, in 2022 to coincide with the takeoff of the subsidy removal.