The Nigerian National petroleum company ( NNPC ) on Tuesday hinted that a litre of petrol may sell between 320 and 350 in 2022.
This it said was because the law does not provide for a subsidy, hence its removal in the coming year.
The Company’s Group Managing Director (GMD) Malam Mele Kyari, made the disclosure during his presentation at the World Bank Nigeria Development Update, November 2021 edition titled Time for Business Unusual” in Abuja.
The International Monetary Fund (IMF) Article IV Staff Mission has advised the President Muhammadu Buhari administration to completely discard with fuel and electricity subsidies in Nigeria.
This formed the highlight of the concluding statement of the Article IV staff Mission to Nigeria, released yesterday.
It said, “The complete removal of regressive fuel and electricity subsidies is a near-term priority, combined with adequate compensatory measures for the poor.
“The mission stressed the need to fully remove fuel subsidies and move to a market-based pricing mechanism in early 2022 as stipulated in the 2021 Petroleum Industry Act